CTG DUTY-FREE(SH:601888) Sou Hu Cai Jing·2025-11-01 08:32Core Insights - The 2024-2025 Consumption White Paper reveals a significant recovery in the global duty-free and travel retail market, with China Duty Free Group (CDFG) leading the industry with over 1 billion users and a focus on experiential consumption trends [1][2][3] Global Duty-Free Market Overview - The global duty-free and travel retail market is projected to reach $74.13 billion in 2024, marking a 3% year-on-year growth and recovering to 85.8% of 2019 levels [1][18] - The Asia-Pacific and European regions remain the primary markets, with notable growth in Europe, Africa, and the Middle East [1][20] - Key channels such as airports, onboard, and ferry services are experiencing significant growth, while core categories like cosmetics and alcohol show stable performance [1][20] Chinese Duty-Free Market Dynamics - CDFG holds a dominant market share of 78.7% in the Chinese duty-free market, significantly surpassing competitors like Hainan Duty Free (7.1%) and Hainan Tourism Duty Free (4.6%) [2][14] - The introduction of new delivery models and the acceleration of city duty-free store policies have enhanced shopping convenience, contributing to a 60.8% year-on-year increase in inbound tourist numbers in 2024 [2][14] Consumer Insights - CDFG's user base surpassed 104 million in 2024, reflecting a 26.1% increase, with foreign users growing by 53.9% and their spending increasing by 84.5% [3][14] - The membership count reached over 45 million by June 2025, with a demographic profile showing a predominance of female users (74%) and a higher male representation in high-end consumption [3][14] Consumer Segmentation - CDFG identifies nine core consumer segments, each with distinct preferences and behaviors, including "Refined Self-Care Seekers," "Luxury Lifestyle Enthusiasts," and "Silver Enjoyment Group" [4][14] - Each segment exhibits unique consumption characteristics, such as high-frequency purchases and brand loyalty among urban elites, and a focus on quality and experience among older consumers [4][14] Product Category Trends - The consumption trend in 2024 shows stability in cosmetics, over 20% growth in alcohol (led by whiskey), and a more than 40% increase in ultra-high-end luxury products priced over 100,000 yuan [5][16] - CDFG has developed a comprehensive product matrix with over 360,000 SKUs, introducing more than 200 new brands and exclusive releases of limited-edition products [5][16] CDFG's Competitive Advantage - CDFG's leading position is attributed to its scale, comprehensive channel strategy, robust supply chain, and refined membership operations [6][14] - The company has established a full-scenario network, including 12 city duty-free stores and international boutiques in key locations, enhancing its market presence [6][14] Future Outlook - By 2025, China is expected to surpass traditional duty-free markets, becoming the largest globally, with CDFG planning to transition into a lifestyle platform [7][14] - The company aims to integrate duty-free shopping with cultural and entertainment experiences, while also focusing on user needs and introducing local brands to international tourists [7][14]