Luxury items in Hong Kong less costly than Singapore, report says
The city has fallen below its regional rival in latest wealth survey, with fewer mainland tourists splurging on high-end products and services
Hong Kong has been surpassed by Singapore in terms of the cost of luxury living as mainland tourist spending in the city dwindled, Swiss Bank Julius Baer’s latest Asia wealth report shows.
The report tracked price movements in US dollars of 21 luxury goods and services in 11 major Asian cities over the past year, including watches, jewellery, ladies’ shoes, wine, residential property and business flights.
Hong Kong fell one place to third position while Singapore moved up one place to second. Shanghai again topped the list as the most expensive city for luxury living in the region.
“Singapore has overtaken from Hong Kong as the second most expensive city in Asia as the latter remains out of favour with Chinese tourists,” the report said.
The average price of the basket of goods and services surveyed fell 0.56 per cent in Hong Kong, compared to the same period last year.