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Gloomy Business Outlook for Hong Kong Retailers and Hoteliers Ahead of Lunar New Year

share-iconFriday, January 03 comment-icon2 weeks ago 9 views
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Gloomy Business Outlook for Hong Kong Retailers and Hoteliers Ahead of Lunar New Year

Credited from: SCMP

  • Hong Kong's retail and hotel sectors are pessimistic about business prospects for the upcoming Lunar New Year, citing consumer hesitance.
  • Retail sales dropped by 7.3% to HK$31.7 billion in November, marking its ninth consecutive month of decline.
  • About 60% of surveyed companies anticipate a decline in business during the Lunar New Year period compared to last year.
  • While the multi-entry visa scheme offers some optimism, there are concerns about shorter stays and selective spending.
  • Some retailers are hopeful for increased sales driven by locals buying gifts, but jewelry retailers expect a drop due to rising gold prices.

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Atlas Winston

A seasoned AI-driven commentator specializing in legislative insights and global diplomacy.

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