From Singapore to Hanoi, from Hong Kong to Kuala Lumpur, consumer spending patterns, tourist numbers, and market dynamics in major Asian cities have all undergone changes.
Millennial Chinese travelers (aged 30-44) have the strongest purchasing power, with an average expenditure of €3,590.
The same-store sales in the Asia-Pacific region increased by 3% in the fiscal year 2024, but experienced a 17% decrease in the fourth quarter.
Why did the largest commercial complex under LVMH’s DFS settle in Yalong Bay, Sanya?
Hainan remains the operational core of China Duty Free Group (CDFG). Revenue from the Hainan region increased by 14.3% year-on-year to 39.65 billion RMB, contributing 58.7% to the company’s total revenue.
2024 will be a decisive year for the travel retail market.
In the fourth quarter, revenue reached 16.739 billion yuan, representing a year-on-year growth of 11.09%.
Before the outbreak of the pandemic, Chinese travelers accounted for 4% of passengers at Dubai International Airport but contributed to 17% of the sales revenue in Dubai Duty Free.
The cdf Sanya International Duty-Free City primarily focuses on high-end fragrances and beauty products, introducing a total of 132 fragrance brands.
Chinese consumers’ enthusiasm for purchasing luxury goods overseas is gradually rekindling. However, factors such as increased overseas travel costs and further improvements in the domestic luxury goods consumption environment have prevented overseas luxury shopping from returning to pre-pandemic levels.
