Estée Lauder, L’Oréal suffer as China’s duty-free spending falls
By Bloomberg Published May 22, 2025 Unable to travel overseas during the Covid-19 pandemic, Chinese consumers sparked a shopping boom in the southernmost province of Hainan, lured by the tropical island’s plethora of duty-free shopping malls. Customers shop at Haikou International Duty Free City in Hainan province in December 2024. – Bloomberg / Getty Images…