Core Insights - Shanghai is emerging as a prominent destination for inbound tourism, with a projected 9.36 million inbound visitors in 2025, representing a year-on-year increase of 39.58% [1] - The total inbound consumption in Shanghai is expected to reach $15 billion in 2025, reflecting a growth of approximately 35%, primarily driven by dining, accommodation, and retail sectors [1] Group 1: Market Growth - The inbound tourism market in Shanghai is experiencing rapid growth, not only in visitor numbers but also in overall consumption levels [2] - The expansion of consumption scenarios includes a shift from high-end shopping in core business districts to more everyday experiences, appealing to a broader range of tourists [2] Group 2: Policy Support and Tax Refunds - The sales volume of tax refunds for departing tourists in Shanghai is projected to increase by about 80% in 2025, with "immediate refund" sales surging by 15.7 times [3] - The number of tax refund stores has exceeded 1,800, marking a year-on-year increase of 140%, enhancing the convenience and efficiency of tax refund services [3] Group 3: Retail and Consumer Experience - The "immediate refund" service at Xinyi Taikoo Hui has seen transaction numbers grow by approximately 700% in the second half of 2025 compared to the first half, with a nearly 400% increase in consumption amount [4] - Promotional activities during the Spring Festival at Xinyi Taikoo Hui will offer dual benefits of consumption vouchers and tax refunds, potentially providing a total discount of up to 12% for tourists [4] Group 4: Overall Impact - Shanghai is actively enhancing its status as an international consumption center, aiming to solidify its reputation as "China's Inbound Consumption Capital" through various initiatives and improvements [5]

上海不仅要打造"入境游第一站"，更要打造"入境消费第一城"。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确提出"培育国际消费中心城 市，拓展入境消费"。1月22日，上海市商务委一级巡视员张国华向智通财经（www.thepaper.cn）记者透 露，在国家战略的指引下，上海积极部署，已明确提出打造"入境消费第一城"。2025年，上海入境消费 金额约达150亿美元，同比增长35%左右，对全市社会消费品零售总额4.6%的增长形成了有力支撑。 1月22日，上海市文化和旅游局数据显示，2025年上海接待入境游客936.02万人次，实现同比39.58%的 显著增长。"中国入境游第一站"的新名片愈发亮眼。 流量有了，如何转化成客观的消费动能？ 2025年底，上海凭借在扩大免签、优化服务等方面的综合优势，成功入选商务部、财政部联合公布的15 个"国际化消费环境建设试点城市"名单。张国华指出，积极吸引入境消费，有助于将外部需求转化为内 部市场动力，是扩大内需的有效途径之一。 新天地，离境退税点。 在上海兴业太古汇，离境退税机已经随处可见。商场方介绍，目前，兴业太古汇场内的退税商店近50 家，近90%为国际品 ...

日经汇总了日本65家上市零售企业2025年12月至2026年2月的营业利润预期，结果百货商场预计利润下 降24%。对于百货商场来说，中国游客一直是购买高档化妆品、手表和珠宝等商品意愿强烈的"优质客 户"…… 中国政府呼吁本国公民避免前往日本的举措正在直击日本百货商场的业绩。6家日本百货商场的2025年 12月～2026年2月营业利润预计将同比下降24%。业内普遍认为，中国游客减少的状况将长期持续，必 须开拓中国以外的客源，并通过加薪带动日本国内消费回暖。 大阪市的黑门市场以往总是挤满海外游客。自中国政府2025年11月中旬呼吁本国公民避免前往日本以 来，中国游客的身影明显减少。东京都内数一数二的旅游景点浅草寺也一样，来自欧美的访日游客十分 引人注目。往年12月～2月正值春节期间，是中国游客扎堆的时期，但今年的景象大不相同。 大阪市中央区的大丸百货心斋桥店 J Front社长小野圭一警惕地表示："中国呼吁谨慎赴日的影响很可能会长期持续"。中日之间的航班持续 减少，各百货商场对2025年12月～2026年2月的业绩预期持悲观态度。J Front因上年同期有准备金转 回，受其反作用影响，12月～2月的营业利润将同比 ...

Core Insights - The article highlights the efforts to cultivate international consumer center cities and expand inbound consumption in China, particularly in Shanghai's Yuyuan Garden area, showcasing the increasing popularity of local dining experiences among foreign tourists [1][3]. Group 1: Inbound Tourism and Consumer Experience - The implementation of the "immediate refund" policy for departure tax has significantly enhanced the shopping experience for inbound tourists, allowing for quick and efficient tax refund processes [2]. - The proportion of foreign tourists in the Yuyuan area has exceeded 30%, with a notable increase in visitors from Southeast Asia and the Middle East following the expansion of visa-free policies [3]. - Popular purchases among foreign tourists include traditional cultural products, non-heritage cuisine, and handicrafts, with items like silk scarves and traditional Chinese clothing being particularly favored [3]. Group 2: Service Enhancements and Cultural Integration - Yuyuan Mall has improved its service offerings for inbound tourists by providing bilingual menus, staff language training, and integrating digital payment solutions like Alipay and "Alipay+" [3]. - The establishment of a centralized tax refund point in the Bund Financial Center will connect multiple shopping venues, creating a seamless shopping and cultural experience for tourists [2]. - Future initiatives include enhancing cultural immersion experiences and expanding language support during events like the Yuyuan Lantern Festival to attract more international visitors [4].

Core Insights - The article highlights the growing trend of inbound tourism and consumption in China, particularly in Shanghai, as international visitors experience local culture and convenience in shopping [1][6]. Group 1: Inbound Tourism Growth - Shanghai's tourism sector is witnessing a surge in international visitors, with over 30% of tourists being from abroad, particularly from Southeast Asia and the Middle East [4]. - The implementation of visa-free policies has diversified the sources of tourists, contributing to increased inbound consumption [4]. Group 2: Consumer Experience Enhancements - The introduction of the "immediate refund" policy for tax refunds has significantly improved the shopping experience for international tourists, with a reported 500% increase in tax refund applications since its implementation [3]. - Retailers are enhancing services for foreign visitors by providing bilingual menus, foreign language training for staff, and international payment options, such as Alipay [2][4]. Group 3: Popular Products and Cultural Engagement - Traditional cultural products, non-heritage cuisine, and handicrafts are the top three categories purchased by international tourists, with items like silk scarves and traditional crafts being particularly popular [4]. - Events like the Yuyuan Garden's cultural festivals are attracting tourists to engage with traditional crafts, enhancing their overall experience [4]. Group 4: Future Strategies - The company aims to continue innovating immersive cultural experiences to attract more international tourists during the 14th Five-Year Plan period [5].

Core Insights - The article discusses the development of international consumer center cities in China, focusing on enhancing inbound consumption and the measures taken to facilitate this growth. Group 1: Inbound Consumption Growth - Shanghai's Yuyuan Mall is experiencing a surge in inbound consumption, with over 30% of visitors being international tourists, particularly from Southeast Asia and the Middle East [4] - The implementation of the "immediate refund" policy for departure tax has significantly improved the shopping experience for inbound tourists, with a reported increase of over 500% in tax refund applications since the service began [3] Group 2: Consumer Experience Enhancements - Yuyuan Mall has made efforts to cater to international visitors by providing bilingual menus, foreign language training for staff, and international payment options like Alipay [2][4] - The mall has introduced a digital consumption display that integrates product guidance, storytelling, and multilingual interaction to assist foreign tourists in their shopping experience [4] Group 3: Cultural and Product Offerings - Traditional Chinese cultural products, non-heritage cuisine, and handicrafts are the top three categories purchased by international tourists, with items like silk scarves and traditional crafts being particularly popular [4] - The mall is also promoting immersive cultural experiences to attract more foreign visitors, emphasizing the diversity and charm of Chinese culture [5]

入境消费既是我国超大规模市场活力的直接体现，也是展示国家开放形象的重要窗口。持续补短板、优 供给、提服务，入境消费将在促进经济提质增效、深化中外经济文化共赢中持续发挥重要作用，让全球 游客共享中国大市场的发展红利。 （作者为商务部国际贸易经济合作研究院副研究员，本报记者王珂采访整理） 入境消费是衡量国家开放度与市场吸引力的重要指标，对优化国际收支结构、推动服务业提质升级、促 进中外文化交流互鉴具有积极意义。 一段时间以来，商务部等多部门协同发力，推出离境退税优化、国际化消费环境建设等政策举措，入境 消费红利持续释放。数据显示，截至2025年11月，我国离境退税商店达1.2万余家，前11个月退税商品 销售额和退税额同比增长98.8%，入境消费市场活力持续迸发。 同时也要看到，释放入境消费潜力仍面临现实堵点。中小商户外卡受理覆盖率不足，境外移动支付服务 适配性有待提升；富含中国文化底蕴的老字号、国潮品牌海外传播与营销力度不够，高品质商品及特色 体验供给存在缺口；签证、通关、消费等跨部门流程衔接不够顺畅，信息共享存在壁垒，影响入境游客 消费体验。 "十五五"时期，深度激发入境消费潜力，需要聚焦关键环节精准发力。一是 ...

Core Insights - Recent initiatives in various cities, such as Shanghai's "immediate refund" service for departure tax and Fuzhou's "All Fujian Shopping" inbound consumption carnival, aim to enhance inbound consumption quality and expansion [1][2] - Inbound consumption is viewed as a form of "local export" service trade, contributing to foreign exchange income and showcasing China's modernization achievements [1][2] - Despite rapid growth, China's inbound consumption as a percentage of GDP still lags behind major developed countries, indicating structural challenges in the industry [2][3] Group 1: Economic Impact and Potential - Inbound consumption has characteristics such as a long industrial chain, significant multiplier effects, and high added value, making it a crucial economic engine [1] - The potential for growth in inbound consumption is supported by policies like visa exemptions with 29 countries and an expanded visa-free "circle" to 48 countries, leading to increased interest in "China tours" [1][2] Group 2: Structural Challenges and Opportunities - The current industry chain for inbound consumption is primarily limited to rigid expenditures like transportation and accommodation, with significant room for improvement in high-value segments like shopping and cultural experiences [2] - To enhance the value of inbound consumption, a multi-dimensional approach is needed, focusing on institutional supply, infrastructure development, product innovation, and service optimization [2][3] Group 3: Strategic Recommendations - Strengthening international consumption centers in key cities like Beijing, Shanghai, and Guangzhou is essential for expanding inbound consumption [3] - Optimizing duty-free shopping and enhancing the shopping experience through initiatives like "immediate refund" services can make "China shopping" more attractive [3][4] - Improving the convenience of payment systems and providing multilingual services in transportation and cultural sectors will create a more welcoming environment for international consumers [4] Group 4: Future Directions - A balanced approach between attracting international visitors and retaining them, as well as converting "flow" into "increment," is crucial for maximizing the benefits of inbound consumption [4] - The combination of a convenient consumption environment and compelling narratives about China can stimulate market vitality and support high-level opening and domestic demand expansion [4]

Investment Rating - The report maintains a positive outlook on the stock of Pan-Pacific International Holdings (PPIH), expecting robust demand for discount retail formats and sustained strength in inbound consumption [5]. Core Insights - PPIH has reported a continuous increase in same-store sales for 43 months, achieving a year-on-year growth of 3.0% in December despite a high base of 6.9% in November [5]. - The discount business grew by 3.7% on a high base of 6.6%, while the general merchandise store (GMS) segment saw a growth of 1.2% on a base of 3.5% [5]. - The company plans to open 25 new discount stores in FY2026, indicating a strategy to expand its footprint in the current inflationary environment [5]. - The report highlights that despite negative calendar effects, both discount and GMS segments continue to grow, with overall store sales increasing by 4.3% [5]. Summary by Sections Sales Performance - Same-store sales have shown resilience with a 4.3% year-on-year increase, although the previous month's growth was 8.5% [5]. - The total number of stores increased by 26 to 662, with discount stores increasing by 28 to 533 [5]. Consumer Behavior - The report notes a 1.4% increase in foot traffic for discount stores and a 2.2% increase in average transaction value [5]. - The demand for private label (PB) products is expected to remain strong due to consumer price sensitivity, potentially allowing the company to gain market share [5]. Product Category Performance - In terms of product categories, electronics saw a decline of 4.9%, while groceries and food categories grew by 5.7% and 4.6%, respectively [5]. - The discount business is projected to have sufficient growth potential despite a rising base, with expectations of 3% growth in discount business and 2% in GMS for FY2026 [5]. Strategic Factors - Key factors influencing the company's performance include the ability to maintain revenue growth momentum and the impact of inbound consumption on the discount store segment [6]. - The report emphasizes the importance of the sustainability of the private label growth story and the company's cost control measures [6].

Core Insights - Shanghai's average daily consumption during the New Year period (January 1-2) reached 12.2 billion yuan, a year-on-year increase of 2.5% compared to New Year's Day 2025 [1] Consumption Trends - Offline average daily consumption was 6.49 billion yuan, remaining flat compared to the previous year [1] - Online average daily consumption was 5.71 billion yuan, showing a year-on-year growth of 5.5% [1] - Daily foot traffic in 35 key commercial districts in Shanghai averaged 6.399 million people, an increase of 5.4% year-on-year [1] Tourist Spending - Spending by tourists visiting Shanghai increased by 4.4% year-on-year, while the number of tourists also grew by 7.0% [1] - The Yangtze River Delta region contributed significantly to tourist spending, with Jiangsu accounting for the highest proportion of 21.3%, followed by Zhejiang at 8.9% [1] Duty-Free Growth - There was a strong increase in inbound consumption, with the number of duty-free refund applications in Shanghai rising by 253% year-on-year, corresponding to a sales amount increase of 132.6% [1]