Core Insights - The CDFG Consumer White Paper highlights the recovery of the global duty-free and travel retail market, which reached $74.13 billion in 2024, marking a 3% year-on-year increase and recovering to 85.8% of its 2019 level [3] - China's market shows strong potential, with GDP growth supported by favorable policies and increased domestic demand, particularly driven by the optimization of duty-free policies and tourism growth [5] - CDFG has strengthened its market leadership with a 78.7% market share, leveraging its omnichannel strategy and supply chain advantages to achieve higher-quality development [6] Market Performance - The total user base of CDFG reached 104 million in 2024, reflecting a 26.1% year-on-year increase, with foreign users growing by 53.9% and their spending increasing by 84.5% [8] - CDFG's membership surpassed 45 million as of June 2025, with significant year-on-year growth and a stable month-on-month increase, indicating a solidified customer foundation across various segments [9] Customer Segmentation - CDFG's customer base is segmented into nine categories based on consumption preferences, age, and region, allowing for targeted marketing and product offerings [10][12] - Key segments include Self-Care Connoisseurs, HNW Luxury Lifestyle Connoisseurs, and Gen Z Trend-Driven Stylists, each with distinct consumption behaviors driving growth [12] Consumption Trends - New consumption trends include the rise of "Guochao" (China Chic), the experience economy, and channel integration, with domestic brands gaining traction among young consumers [14] - The duty-free shopping experience is evolving from transactional to experiential, requiring operators to curate lifestyle experiences rather than merely supply products [14] Category Insights - In the beauty category, makeup and fragrances are experiencing significant growth, driven by foreign travelers and male customers [15] - The luxury goods market shows diversification, with high-end and affordable luxury segments both performing well [16] - The liquor market is expanding with clear stratification across demographics, while food and general merchandise are steadily growing, particularly among Gen Z and senior consumers [17][18] Future Outlook - The duty-free and travel retail market is expected to continue advancing, with structural opportunities emerging and a focus on immersive customer experiences [20] - CDFG plans to deepen its digital-intelligence ecosystem and integrate various sectors to enhance customer engagement and promote high-quality industry development [20]