"这里商品种类丰富，打折力度大，让人忍不住买买买！"今年元旦假期，中国免税集团(cdf)海口日月广 场免税店顾客盈门，正在挑选美妆品的河北游客张璐圆表示，"有些同款在岛外买，要贵上千元(人民 币，下同)"。 旅游平台去哪儿的数据显示，2026年1月1日，海口、三亚的入境机票量同比分别增长超3倍和5倍；来自 马来西亚、泰国、韩国、越南、澳大利亚等地的游客，成为入境客源主力。 "购物+度假"模式吸引国内外游客纷至沓来。"在这里，我可以为亲友挑选茶叶等中国特色商品，免税购 物与海岛度假结合让旅程更加充实。"马来西亚游客吉丽塔拉尼(Giritharani)将海南免税店列为旅行"必打 卡点"。 伴随海南自贸港政策红利释放，演艺活动也更添人气。元旦前夕，TF家族(中国内地艺人品牌)2026新年 音乐会在三亚连开三场，近10万人次入场，掀起一波以年轻人为主体的"粉丝经济"浪潮。 "来之前，我以为海南只有阳光和沙滩。"意大利游客乔雅(Gioia)说，如今，免税购物也是"Hainan Travel"的热门选择。她在免税店买了一部中国品牌手机，并在工作人员指引下快速办妥退税。 官方称，海南正加速建设国际旅游消费中心，以海口"国际 ...

Investment Rating - The report indicates a stable growth outlook for the retail industry in China, with a focus on online retail and the transformation of offline channels [3][20]. Core Insights - The retail industry in China is experiencing a dual engine of growth driven by consumption upgrades and cost-performance demands, with online retail showing a steady increase while offline retail is facing differentiation [3][20]. - The total retail sales of consumer goods reached 24.55 trillion yuan in the first half of 2025, marking a 5% year-on-year increase, with online retail accounting for approximately 30% of total retail sales [3][20]. - The report highlights a shift in consumer behavior, with the Z generation increasing spending on smart home appliances and emotional consumption products, while the silver economy is driving growth in health products and services for the elderly [4][20]. Summary by Sections Online Retail - The online retail market in China continued to grow steadily, with physical online retail sales increasing by 6% year-on-year, although the penetration rate slightly declined [5][20]. - Traditional e-commerce platforms like Alibaba, JD, and Pinduoduo dominate the market with a combined market share of 65%, while new platforms like Douyin and Kuaishou are experiencing explosive growth through content-driven sales [5][6][20]. - Instant retail and community group buying are identified as key growth drivers, with instant retail sales increasing by 25% year-on-year [6][20]. Chain Supermarkets - The chain supermarket sector is undergoing a critical transformation, with 47.5% of surveyed enterprises reporting sales growth, while 45% face profit decline [9][20]. - The industry is experiencing a "store closure wave," with a closure-to-opening ratio of 0.67, indicating a contraction in overall scale [10][20]. - Leading companies like Walmart and Hema are adapting their strategies to focus on membership models and fresh produce, while local supermarkets are optimizing layouts and improving product quality [11][20]. Shopping Centers - The shopping center market is witnessing a recovery, with foot traffic in first to fifth-tier cities increasing by 8.7% year-on-year [12][20]. - Experience-driven upgrades are becoming essential, with a significant portion of shopping centers incorporating dining, entertainment, and family-oriented experiences [12][20]. - The integration of online and offline experiences is creating new growth opportunities, with projects like JD Mall and Suning integrating digital experiences with physical retail [14][20]. Industry Challenges and Future Trends - The retail industry faces challenges such as consumer fatigue and rising cost pressures, with rental and labor costs increasing by 4-5% [15][16][20]. - Future trends indicate that online retail will continue to grow, with a focus on instant retail and technological empowerment, while chain supermarkets will accelerate their transformation towards community-oriented and online integration [18][20]. - Shopping centers will deepen experience upgrades and innovate their operations, with a focus on sustainability and digital transformation [19][20].