Shanghai - September 1, 2026 - China's duty-free and travel retail industry is undergoing a critical transition from "traffic-driven" to "value-driven". As a leading global travel retailer, cdf has officially released The 2025–2026 cdf Consumption White Paper (hereinafter referred to as "the White Paper"). From the dimensions of consumer trends, category evolution landscapes and channel-format innovation, the report systematically addresses the question: against the backdrop of fading traffic dividends, how can the market growth model shift from scale expansion to value creation?
Global Recovery Diverges, While China's Market Stands Out with Prominent Growth Certainty
The White Paper shows that in 2025, the global duty-free and travel retail market reached $75.9 billion, up 2.4% year-on-year, but regional recovery diverged significantly: the Asia-Pacific region accounted for 40.2% of sales, firmly securing its position as the core of the market; Europe grew 7.0% year-on-year; the Americas saw a notable slowdown in growth; and the Middle East and Africa grew 9.5% and 16.8% respectively.
Compared with the divergent global landscape, the Chinese market demonstrates stronger growth stability. In 2025, per capita disposable income of domestic residents rose by 5.0% year-on-year, and total domestic trips and spending both exceeded 2019 levels. Hainan's tourism market entered a new phase with visitor volume exceeding 100 million and total visitor spending surpassing ¥200 billion. Mainland residents' outbound trips also grew by 15.1% year-on-year, and outbound consumption is steadily recovering. Meanwhile, the total number of inbound foreign visitors to China reached a historic high in 2025, up 30.5% year-on-year, and policies such as expanded visa-free access have further unlocked inbound consumption potential. In 2025, Hainan's customs closure operation and the new offshore duty-free policy were implemented successively; in the first month of the customs closure operation, offshore duty-free consumption grew by 46.8% year-on-year, and in the first month of the new policy implementation, consumption grew by 27.1% year-on-year.
Customer Structure Evolves Rapidly, with Nine Segments Anchoring the Direction of In-Depth Value Cultivation
On the consumption side, dual changes are evident: the growing prominence of experiential demand and the evolution of customer structure. Consumers are placing greater value on emotional value and the quality of experiences, "Emotional ROI" has become the core consumption benchmark. The duty-free and travel retail customer base is steadily expanding. In 2025, cdf's total user base reached 120 million, up 20% year-on-year, and membership reached 62 million by July 2026. High-tier members remain active: the number of Gold Card and above shopping members grew by 12% year-on-year; penetration into lower-tier markets is accelerating, with new members from tier-3 and lower-tier cities doubling; and foreign customers have become a new growth engine, with foreign users growing by 42% year-on-year.
cdf has refined its nine-group customer segment system based on core dimensions including age, region, membership tier, spending amount and category preference. In 2025, these nine segments accounted for 27% of members but drove 74% of consumption contribution, fully demonstrating that in the era of existing-customers competition, customer quality matters more than scale.
Specifically, cdf divides the nine-group customer segments into core segments, category-preference segments and high-potential segments. Among them, four core segments form the consumption base and value pillar: The Luxury Lifestyle Connoisseurs accounted for 1% of members but contributed 20% of spending, with annual spending 26 times that of the overall shopping member base; 63% were women and Millennials accounted for 57%, making this the highest-value segment. The Self-Care Connoisseurs accounted for 8% and contributeed 23%; 77% were women, primarily Gold Card members in tier-2 and above cities, forming the core force of stable repeat purchases. The Aspiring Upgraders accounted for 3% and contributed 10%; 74% were men, with a significant share from tier-3 and below cities, representing the quality consumption force in lower-tier markets. The Trend-Driven Stylists accounted for 6% and contributed 13%; predominantly women under 30 who pursue trendy experiences, serving as the core driver of category innovation and scenario upgrading.
Three category-preference segments display distinct category focus characteristics: The Tech Adventurers focused on Millennials and lower-tier market consumers, preferring electronics and tending to purchase in offline stores. The Spirits Aficionados were mostly mature men in high-tier cities, preferring international spirits and domestic famous liquors. The Performance Athletes were predominantly Millennial men, with nearly half of the segment mainly purchasing sportswear.
High-potential segments demonstrate strong growth potential and untapped value: The Senior Quality Seekers were mainly retired women in tier-1 and tier-2 cities, currently with relatively low consumption frequency but higher spending per purchase. The number of The Foreign Travellers continued to hit new highs, with South Korea, Malaysia and Russia as the main source markets; they showed high recognition of Guochao brands and represented the core high-potential segment for inbound consumption growth.
The nine-group customer segments exhibit a layered logic of "core segments contributing value, category-preference segments driving innovation, and high-potential segments expanding incremental growth", providing cdf with a clear customer strategy framework for refined operations.
Multi-Category Coordinated Growth Pattern Takes Shape, with Category Service Value Continuously Upgrading
The White Paper points out that in 2025, Perfumes & Cosmetics remained the pillar category of global duty-free and travel retail, while Food & Beverage, Fashion & Accessories, Electronics and Wines & Spirits all achieved positive growth. Meanwhile, duty-free channels are becoming the core platform for new product launches and exclusive limited-edition releases, and private label layout has also become a new lever for category operations.
Through high-potential category expansion, private label incubation and Guochao (China Chic) Going Global, cdf is driving the formation of a multi-category coordinated growth pattern. At the same time, it rolls out brand-supporting services, store renovation and immersive experiential spaces such as the "Whisky Museum", extending category service boundaries to meet consumers' increasingly prominent experiential demands.
Looking at cdf's core category consumption performance: the number of members purchasing Perfumes & Cosmetics grew by 26% year-on-year, continuing to anchor the business, with makeup and fragrance showing outstanding growth. Jewellery & Watches displayed a pattern of "high growth in jewellery, high concentration in watches", with gold consumption potential continuously being released. Luxury Goods & Accessories saw growth primarily driven by steady high-end repurchases and an accessible luxury recovery amid overall industry pressure, with classic brands maintaining steady growth. Food & General Merchandise growth was led by consumer electronics, alongside rising outdoor sportswear and nutritional supplements. In the Wines & Spirits category, whisky performance was particularly outstanding, with year-on-year growth reaching 17%, while domestic liquors maintained steady growth driven by gifting and collection demand.
Channel Value Continuously Unlocked Through Scenario Synergy, Format Innovation and International Expansion
cdf is positioned as "world-class digital and intelligent travel retail operator". Leveraging six core advantages—industry leadership, backing from a central SOE, extensive omnichannel network layout, sophisticated membership operations and omnichannel marketing capabilities, global supply‑chain resources and digital intelligence upgrade, cdf commands nearly 80% of China's travel retail market.
In the Hainan offshore duty-free market, cdf continues to deepen the "duty‑free shopping coupled with cultural‑tourism" model, creating integrated spaces that combine shopping, leisure, socialising and experience—a sign that the spatial value of travel retail is being redefined. On the airport channel front, in 2025 cdf secured duty-free concession operations at core hub airports, and pioneered innovative airport business operating models with the Lanzhou Airport as a benchmark. On the downtown duty-free shop front, new-generation downtown duty-free shops have opened in 13 major cities including Beijing, Shanghai, Guangzhou and Shenzhen, operating the model of "duty-free + duty-paid", "offline + online", and "imported + domestic". Online platforms, anchored by cdf Mall, efficiently meet consumers' replenishment needs through service scenario expansion and IP content operations. In addition, cdf is accelerating the expansion of its overseas shops and acquired DFS's Greater China retail business in March 2026, continuously strengthening its global operating capability.
In-Depth Value Cultivation Is Not an Option, but a Must
As the industry enters the "value-driven" era, competition dimensions are upgrading from single price competition to all-round competition encompassing user operations, brand resources, supply chain efficiency and scenario experience. Under the leadership of its parent company China Tourism Group, cdf will build on its 62 million member base and omnichannel network layout, transforming massive consumer data into tangible, operable service capabilities, and continuously deepening its transformation from "traffic coverage" to "in-depth value cultivation".
About
China Duty Free Group Co., Ltd. (hereinafter referred to as “cdf”) focuses on travel retail, leveraging its core duty-free business to optimize the value chain and expanding its travel retail operations to elevate the industrial chain. With a strong commitment to international growth and market competitiveness, cdf aims to become a world-leading digital and smart travel retail operator.
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