Offshore duty-free sales in South China’s Hainan Province reached 10.85 billion yuan ($1.63 b) from Jul 1 to Oct 19, up 218.2% y-o-y despite the COVID19 impact. In Jul 1, Hainan raised its annual tax-free shopping quota to 100,000 yuan per person from 30,000 yuan.
Hong Kong retail sales drop 13 per cent in August, continuing 19-month downward spiral.
Official figures show consumer spending shrank for the 19th straight month, to HK$25.6 billion. Sales in 2020 so far are nearly a third lower than in the same eight-month period last year.
