Hong Kong’s advantage as the shopping paradise weakens

 

Tian Bei Jun, chairman of Hong Kongtourism board pointed out that during the just past golden week, the average per capita consumption from mainland guests fell by 25%. Hong Kong is not the only city becomes depressed, the recently released data from Guang Zhou tourism committee also showed that the retail sales form main retail enterprises within the city during the golden week fell by 8.86% on a year-on-year base and this is the first time that retail sales of National Day golden week declines.

Where do mainland guest consume then? The answer is Europe and the United States. According to the industry analysis, mainland guests go to consume in Europe and the United Statesand the Hong Kong’s advantage as the shopping paradise is not obvious anymore.

Hong Kong travel industry council find that the rich mainland guests have turned to Europe for the purchase of famous brand and this is the factor that directly leads to the retail sales fall of theHong Konggolden week. Data shows that the number of tourists from the mainland to Hong Kong is as high as to 980000 during the National Day golden week, which increased by nearly 20%, but more people did not bring with more fortune for the per capita consumption in Hong Kong is only between 5000 to 6000 HKD, which fell by 25% on a year-on-year base.

The longest golden week in history, Chinese consumers create a strong purchasing power in overseas and the tourism monitoring can show the problem. The latest data from Union Pay shows that the turnover of Chinese Union Pay holders increased by 33% on a year-on-year base. The purchasing power of Chinese rich consumers is supporting Europe and theUnited Statesand other countries through the economic difficulties.

 

 

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