Tuesday, May 28, 2024

China Hawaii has attracted hundreds of luxury brands. They believe in shopping madness

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Alan Binder
Alan Binder
"Alcohol scholar. Twitter lover. Zombieaholic. Hipster-friendly coffee fanatic."

The event takes place from April 10 to 15, and many products and product lines of famous Chinese and international brands in the fields of fashion, perfume, jewelry, alcoholic beverages, fine food, electronics and biotechnology will be shown here. It is estimated that about 300,000 people will visit the famous fair on the Chinese island of Hainan over the course of five days, according to Reuters.

In the third year of CICPE (China International Consumer Products Expo), brands such as L’Oréal, Kärcher, Carpigiani, Diageo, Platinum Guild International, Huawei and Dell are no longer missing. Compared to the previous year, the number of exhibitors increased by 500 to nearly 2,800.

“This year hasn’t been quite as busy, but this year has been really busy,” says Amy Embryak, general manager of Tumi Bags & Luggage.

A popular duty-free zone

The province is often referred to as the “Hawaii of China”. Since 2020, it has become one of the main shopping destinations in China, in part because Chinese people simply could not go abroad due to anti-epidemic restrictions. Thanks to this, sales in Hainan grew rapidly and the importance of this province increased in a relatively short time.

In 2021, spending on luxury goods on the island accounted for 13 percent of the total spending on these products across China. Before the pandemic, it was six percent, and it’s likely that this island’s role will continue to grow. The fact that only 13 percent of Chinese have a passport also has an impact.

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In the future, Beijing also has other big plans for this part of the country. A few years ago, he created an international free trade zone on part of the island, thanks to which foreign companies have gained greater economic freedom here.

Thanks to this, goods can be traded without any barriers imposed by the customs authorities, such as tariffs or quotas. By 2025, this tariff feature is also supposed to cover the entire island, which could add to its popularity even more.

Western brands are also trending here

In the past two years, a number of companies have also set up several stores, factories and even headquarters in Hainan to take advantage of the political advantages of Hainan Free Trade Port. According to statistics, major brands and leading companies from 52 countries, such as LVMH or Richemont, operate in China.

“We feel that this year every exhibitor wants to present their latest products to take advantage of the opportunity associated with a possible rebound in Chinese consumption,” Ella Yu, chief communications officer for Chinese cosmetics conglomerate Shiseido, told Reuters.

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