伯恩斯坦研究公司（BernsteinResearch）的数据显示，美容和化妆品占海南免税销售额的近一半，而奢侈品约占销售额的三分之一。但后者增长迅速，过去6年，在海南销售产品的奢侈品牌数量增长了80%。“我们预计还会有更多品牌加入，”伯恩斯坦的分析师写道。

Beauty andcosmetics products account for almost half of all duty free sales in Hainan,according to Bernstein Research, while luxury goods make up about one-third ofsales. But the latter are growing rapidly with the number of luxury brands onthe island up 80 per cent in the past six years. “We expect more are going tocome,” Bernstein analysts wrote.

瑞银（UBS）分析师陈欣（音）表示，海南2020年的免税销售额较上年增长一倍以上，达到300亿元人民币。她预计，2019年至2025年的年均复合增长率将达到40%。

Chen Xin, ananalyst at UBS, said Hainan’s duty free sales more than doubled in 2020 fromthe previous year to Rmb30bn, and she forecast a compound annual growth rate of40 per cent from 2019-25.

游客在海南海口一家免税店购买手提包

罗云飞（音）中国新闻社（来自Getty）

而旨在发展海南岛免税购物的政策变化，对这种增长起了进一步的巩固作用。

Furtherunderpinning this growth were policy changes intended to build up duty freeshopping on the island.

还有人担心，海南岛有被“代购”滥用的风险。

Others worrythat the island risks being abused by daigou.

“我们相信海南的发展是积极的，但我们必须保持谨慎，共同努力，以确保这里不会成为中国灰色产业的温床，”全球最大奢侈品集团路易威登的首席财务官让·雅克·吉约尼（Jean Jacques Guiony）表示。

“We believe thedevelopment of Hainan is positive but we must remain careful and work togetherto ensure that it does not become a hub for the grey market in China,” saidJean Jacques Guiony, chief financial officer of LVMH, the world’s biggestluxury group.

“如果消费者到海南旅游，来到我们的精品店，那么我们随时准备为他们服务。但如果是批量购买，然后转手卖给中介，那就不行。”

“If consumerstravel to Hainan and come to our boutiques, then we are ready to serve them.But if it is to buy in bulk and then resell to intermediaries, then no.”

尽管存在这些担忧，但路易威登集团已通过其旅游零售部门DFS在海南进行扩张。他们与深圳市国有免税商品（集团）有限公司（ShenzhenDuty Free Group）合作，在一个著名度假胜地开设了一个名为海口观澜湖（Mission Hills）的免税购物商城。免税城于今年1月开业，未来两年将继续扩大规模，达到3万多平方米的零售空间。

Despite thoseconcerns, LVMH has expanded on Hainan via DFS, its travel retail division. Thecompany has partnered with Shenzhen Duty Free Group on a duty free mall calledHaikou Mission Hills located in a popular resort. It opened in January but willbe expanded over the next two years to reach more than 30,000 sq m of retailspace.

来自上海的35岁营销主管Sharron Zhou在春节期间去海南旅游时，就遇到了拥挤的人潮，这让她望而却步，最终空手而归。“根本就找不到店员……还有人踩我的脚，”她说。不过，像观澜湖这样的免税城可能有助于缓解这种情况。

Suchdestinations could help alleviate the crowds that Sharron Zhou, a 35-year oldmarketing executive from Shanghai, ran into during her trip to Hainan over thelunar new year. She was so put off she did not buy anything. “You couldn’tfindsalespeople . . . People were stepping on my feet,” she said.

王雪乔（音）、孙宇（音）、爱丽丝·伍德豪斯（Alice Woodhouse）于上海、北京和香港补充报道