China Tourism Group Duty Free Corporation (01880) fell more than 4%, hitting a new low of HKD 49.55. As of press time, it fell 4.06%, reporting HKD 49.6, with a turnover of HKD 77.6047 million.
According to the WiseNews, China Tourism Group Duty Free Corporation (01880) fell more than 4%, hitting a new low of HKD 49.55. As of press time, it fell 4.06%, reporting HKD 49.6, with a turnover of HKD 77.6047 million.
According to statistics from Haikou Customs, the actual number of people who purchased duty-free goods on Hainan Island in May was 418,800, a decrease of 16% year-on-year; the amount of duty-free shopping was CNY 1.974 billion, a decrease of 38.27% year-on-year; and the number of duty-free shopping items was 2.3088 million, down 38.47% year-on-year. Xinda Securities pointed out that the duty-free sales continued to decline in May, following the downward trend of the previous three to four months, mainly due to weak consumer purchasing power and diversion of outbound tourism. In the future, as the crackdown on daigou and weak consumer purchasing power gradually reflect on the base of last year, the decline may further narrow.
Soochow Securities believes that although the duty-free industry is under pressure in the context of weak consumer willingness to buy in 2023-2024 and diversion of overseas luxury goods consumption, it is still an important channel for following the growth of the Chinese luxury goods large cap. After the Hainan offshore duty-free shopping stabilized, if the inbound and outbound duty-free policies are further loosened, it may help the duty-free large cap to stabilize as a whole and return to growth, and the core airport port may also become an important beneficiary.