China Tourism Duty Free Corporation, the parent company of China Duty Free Group (CDFG) saw a 24% increase in revenue last year, driven by swells in both domestic and international tourism, to his RMB67.5bn ($9.3bn)
The figures mark a significant increase on the RMB54.4bn recorded in 2022, but stay slightly short of the company’s record revenue figures of RMB67.7bn from 2021. Gross profit for the period was also up to RMB20.85bn from RMB14.86bn in 2022. The last reported data put CDFG top of the rankings for global travel retailers in the 2023 DFNI Database.
Duty-free sales accounted for RMB44.2bn in sales for CDFG during 2023, up 69.9% on the previous year, while duty-paid sales dropped 20.1% to RMB22.3bn.
It comes against a backdrop of rapid recovery for tourism in China, according to the company, with domestic travel in the country up 93.3% in 2023 to 4.89 billion travellers. Of these, 3.76 billion came from…
