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Oriental Travel Retail Observer: a Preview Oriental Travel Retail Observer: A Preview Summary ⬧ we summarized new actions on duty free industries in China and South Korea ⬧ observed travel retail tourism data around the world, analyzed the preferences of the Chinese travel retail customers ⬧ compared prices between the duty free shops of interest ⬧ we got to know offshore duty free industry in Hainan by interviewing daigous and consumers who paid recent visits to Hainan February 2021 ⬧ vol. 7 This report is produced by the OTRO Group. # of pages: 54 # of Words: 15,928 # of Tables and Graphs: 47 For purchase of the full contents, please contact: [email protected] For business cooperation, please contact: [email protected] 1 1.1 New Actions on China Duty Free 1.1.1 Offshore Duty free: duty free sales of RMB 3.8 billion (US$ 588 million) in January, number of duty free shops expands up to 9. From January 1st to January 31st, 2021, the offshore sales of the 9 duty free shops1 in Hainan totaled RMB 4.05 billion (US$ 627 million, including duty-paid sales), with a year-on-year increase of 168%. The duty free sales was RMB 3.78 billion (US$ 585 million), with a year-on-year increase of 143.6%; the number of shoppers was 509,000, with a year-on-year increase of 29%; the average transaction value was RMB 7,426 (US$ 1,153), with a year-on-year increase of 88.8%; the number of items sold counted 5.11 million, with a year-on-year increase of 146.6%. During the New Year's Day (December 31st, 2020 to January 2nd, 2021), the total sales (including duty-paid sales) of the 7 offshore duty free shops2 in Hainan exceeded RMB 550 million (US$ 85.42 million), with a year-on-year increase of over 200%. …… 1.2.2 With non-landing international flight policy implemented, an increase of duty free limit is called upon The South Korean government adopted a non-landing international sightseeing flight policy in November last year. Such flights take off at South Korean airports, fly over other countries, and land again at South Korean airports. Passengers are allowed to purchase duty free products during the fly. …… 1 Hainan has four duty free shops before December 2020: CCDFG Sanya (located at Haitang Bay) in Sanya; CDFG Meilan Airport T1 (located in Haikou Meilan Airport T1) and CDFG Haikou Downtown (located in Riyue Plaza) in Haikou, and CDFG Boao in Qionghai. From December 2020 up till now, new duty free shops are to open up: HTDF Sanya (located in Yingbin Road, opened up on Dec. 30th, 2020), CNSC Sanya (opened up on Dec. 30th , 2020) , CDFG Phoenix Airport (opened up on Dec. 30th, 2020) in Sanya; TIMES’ DF (located at the Mission Hill Resort, opened up on Jan. 1st, 2021), GDF Haikou (located in Riyue Plaza, opened up on Jan. 1st, 2021) and CDFG Meilan Airport T2 (will open up after the Terminal 2 is put into use) in Haikou. 2 The 7 offshore duty free shops include: CDFG Sanya, HTDF Sanya, CNSC Sanya, CDFG Phoenix Airport, CDFG Meilan Airport T1, CDFG Haikou downtown and CDFG Boao. 2 2.1 Duty Free: Offshore duty free sales continue to increase in Hainan, the recovery of Korean duty free industry slowed down According to official data from the Department of Tourism, Culture, Radio, Film and Sports of Hainan Province, Hainan received 9.57 million tourists in December, with an increase of 3.9% year-on-year; the total number of overnight tourists received was 8.34 million, with an increase of 5.5% year-on-year. Among them, Sanya was down 4.6% year-on-year; Haikou was down 10.0% year-on-year. In 2020, Hainan Province received 54.35 million overnight tourists, with a year-on-year decrease of 18.6%. Among them, Sanya received 17.55 million overnight tourists, with a year-on-year decrease of 24.1%, and Haikou received 13.4 million overnight tourists, with a year-on-year decrease of 23.3%. Figure 2-1: Monthly overnight tourist reception in Hainan visits, left axis (10,000) YOY (right axis) 900 10% 800 0% -10% 700 -20% 600 -30% 500 -40% 400 -50% 300 -60% 200 -70% 100 -80% 0 -90% Source: Department of Tourism, Culture, Radio, Television and Sports of Hainan Province … … 3 3.1 Popularity of the Duty Free Shops Due to the pandemic, consumers are restricted from leaving the country. In December, the focus of travel retail consumers is still in China mainland. The top 7 duty free shops according to data collected by Jessica’s Secret App are in mainland China (Table 3-1). The top 4 popular duty free shops in December remain CDFG Sanya, Sunrise Shanghai, CDFG Haikou and Sunrise Beijing, as they did in November. Small rise has been observed in the ranking of CDFG Guangzhou, CDFG Hangzhou and DFS Macau. Among the overseas duty free shops, only King Power and Lotte Seoul ranked in the top 10 in December. The three most popular duty free shops in South Korea have fallen slightly. Figure 3-1: Monthly ranking change of popular duty free shops Dec Nov Oct Sep Aug Jul CDFG Sanya Top 1 Sunrise Shanghai Top 2 CDFG Haikou Top 3 Sunrise Beijing Top 4 CDFG Guangzhou Top 5 CDFG Hangzhou Top 6 DFS Macau Top 7 Top 8 Top 9 Top 10 Note: More detailed information in the table below (Table 3-1) Source: Jessica’s Secret … … 4 Table 3-3: Top 10 popular makeup products Ranking Ranking Name Change Dec Nov Giorgio Armani Lip Maestro Lip Stain #405 1 1 0 Lancom L'Absolu Rouge Matte Lipstick #196 2 4 ↑ 2 Giorgio Armani My Armani to Go Essence-in-Foundation Cushion 3 3 0 Foundation #2 Tom Ford Lip Color #80 4 5 ↑ 1 Giorgio Armani Designer Lift Foundation #3 5 2 ↓ 3 Tom Ford Eye Color Quad Eyeshadow Palette #04 6 7 ↑ 1 YSL Rouge Pur Couture The Slim Matte Lipstick Rouge Paradoxe #21 7 8 ↑ 1 Nars Light Reflecting Setting Powder 8 11 ↑ 3 Estee Lauder Futurist Aqua Brilliance #1C1 9 12 ↑ 3 Lancome Absolue Fluid Foundation Shade #100 10 6 ↓ 4 Source: Jessica’s Secret … … 4.1 Price Index of the Duty Free Stores In this part, we compare prices between duty free stores based on Jessica’s Simple Index (JSI)3. We show the JSI for the main duty free stores on January 20th, 2021 in Table 4-1. As shown in the table, Lotte, Shilla and Shinesegae price their general products lower than the other duty free shops observed, having the JSI of 73, 76 and 75, respectively. 3 Earlier this year, Jessica’s Secrets established its price comparing system, Jessica’s Simple Index (JSI). JSI calculates the general price level of a specific store by comparing the prices of the common products that it sells to the world’s average prices of those products. For purposes of comparison, a virtual store, Jessica Standard Store, was established, containing all the common duty free products being sold in duty free shops all over the world. The price of a specific product in the Jessica Standard Store in defined by its average price in different duty free stores over the world, at the time spot of interest. JSI of a specific target store Sum of the optimal prices of the 퐬퐡퐚퐫퐞퐝 퐩퐫퐨퐝퐮퐜퐭퐬 in the target store is calculated as follows: JSI = x 100 Sum of the optimal prices of the 퐬퐡퐚퐫퐞퐝 퐩퐫퐨퐝퐮퐜퐭퐬 in the Jessica Standard Store The “shared products” refers to all the products being sold in the target store, which are included in the Jessica Standard Store at the same time. As for the optimal prices used in calculating JSI (in both the target store and the Jessica Standard Store), we take into consideration of all promotions, including all obtainable discounts, coupons, membership points, cashback and gifts. It is straightforward, that the greater the value of JSI, the higher the general price level of a specific store is, and vice versa. 5 Table 4-1: Price index for the representative duty free stores Top 50 Index Top 50 Index Retailer JSI Retail Optimal Sunrise Shanghai 91 104 87 CDFG Sanya 89 98 88 CDFG Guangzhou 104 - - Lotte Seoul … … … Source: Jessica’s Secret, 2021/01/20 Table 4-6: Promotions for some popular brands in Sunrise Shanghai Brand Number of discounted items Discount Tom Ford 263 10%~50% Burberry 209 10%~50% Dior 154 15%~50% Estee Lauder 143 5%~30% … … … Source: Jessica’s Secret App, 2021/01/20 … … 5 Interviews on Tourist Shopping in Hainan Monica: It feels good to go shopping in Hainan, but there is still room for improvement. Monica, 40, lives in Jiujiang, Jiangxi Provence. She works in service industry and gains around RMB 150,000 (US$ 23,220) per year. She has been to Hainan several times and her last trip there was in August, 2020. She told us that she travels mainly for vacation and buys duty free goods occasionally for her friends and families. … … Nicolas: Limited profits from Hainan Daigou … … 6 End of preview Please see the Full table of contents for more interesting elaborations Content Link to prior issues: https://download.beta.jescard.com/download/OTRO/ 7 .
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