消费回流初步显现 免税行业焕发新活力

Core Viewpoint - The recent policy issued by multiple Chinese government departments aims to enhance the duty-free shop framework to stimulate consumption and attract foreign spending, with significant changes set to take effect from November 1, 2025 [1][2]. Policy Implementation and Effects - The policy aims to optimize the management of domestic tax refunds and support the sales of domestic products in duty-free shops, thereby encouraging the inclusion of culturally significant Chinese products [2][3]. - The expansion of duty-free product categories now includes popular items such as mobile phones, mini drones, and sports goods, enhancing shopping options for travelers [2][3]. - The policy is expected to drive significant consumption recovery through tax incentives and management innovations, benefiting both domestic brands and the overall market [2][3]. Market Dynamics - The opening of the first city duty-free shops in Tianjin and Xi'an marks a significant milestone, allowing for greater market autonomy and consumer choice [3][8]. - The new duty-free shops are designed to incorporate local cultural elements, enhancing the shopping experience and attracting more visitors [8][9]. - The Tianjin city duty-free shop is strategically located in popular tourist areas, aiming to become a key hub for international consumer spending in northern China [9][10]. Performance Metrics - The first month of the upgraded Hainan offshore duty-free policy saw sales reach 2.38 billion yuan, a 27.1% increase year-on-year, indicating a positive initial impact on consumer behavior [5]. - The introduction of new product categories, such as portable musical instruments and small household appliances, aligns with evolving consumer preferences for diverse and personalized shopping experiences [6][7]. Regulatory Enhancements - The policy simplifies the approval processes for duty-free shops, enhancing operational efficiency and allowing local governments to tailor shop layouts to regional needs [3][7]. - The implementation of a comprehensive regulatory framework aims to ensure the smooth operation of the duty-free industry while maximizing the benefits of the new policies [7].