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<ul><li>China’s luxury market contracted 10% in 2022, ending a five-year streak of growth as Beijing’s “zero-Covid” policy and a slowing economy hit spending</li><li>Repeated Covid-related lockdowns starting in the second quarter curbed travel and consumption, with shopping mall traffic falling by 30% to 35%</li><li>Sales at Hainan’s duty-free shops operated by state-owned China Duty Free Group Co. Ltd. were expected to drop 30% to 35 billion yuan ($515 million) last year.</li></ul>

China’s luxury market contracted 10% in 2022, ending a five-year streak of growth as Beijing’s “zero-Covid” policy and a slowing economy hit spendingRepeated Covid-related lockdowns starting in the second quarter curbed travel and consumption, with shopping mall traffic falling by 30% to 35%Sales at Hainan’s duty-free shops operated by state-owned China Duty Free Group Co. Ltd. were expected to drop 30% to 35 billion yuan ($515 million) last year.

China’s Luxury Market Contracts for First Time in Five Years

China

China Tourism Group Duty Free Corporation Limited engages in sales of duty free goods and tax goods. The Company sells tobacco, wine and spirits, perfume, cosmetics, fashion and accessories, watches, jewelry, food, luggage products,and other products. China Tourism Group Duty Free also engages in investment and development of tourism destination commercial complexes.

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