BEIJING (Reuters) -- Duty-free spending slumped 29.3% last year in China's island province of Hainan, where global luxury players from LVMH to Kering have set up shop, as a weak economy led to a sharp drop in numbers of domestic visitors.
Shoppers visiting Hainan, known for its glitzy seafront hotels and sandy beaches, spent 30.94 billion yuan ($4.24 billion) on duty-free goods in 2024, customs data released on Thursday shows, down from 43.76 billion in 2023.
