In China, the duty-free business mainly depends on airport duty-free shops, while the sales of downtown duty-free shops account for less than 1%.
In June, the Ministry of Finance granted Wangfujing Group the duty-free retail license, which means that Wangfujing became the first retail enterprise to enter the tax-free industry. China’s island province Hainan also increased its annual tax-free shopping quota for travelers to boost duty-free business.
Previously, duty free shops are closely linked with overseas trips and airports where people could buy international items at a discounted price due to the exemption of taxes. Chinese consumers have great passion for duty free goods, as Morgan Stanley has once pointed that one-third of global duty-free sales come from Chinese consumers, making China the world's largest outbound tourism market by visitor spending .
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