Royal Philips Electronics is seeing brisk business for its "consumer lifestyle" products in Hong Kong, thanks to high demand from the growing numbers of mainland tourists shopping in the city.
Without providing sales figures, Philips Hong Kong chairman Wiebo Vaartjes said: "Our consumer lifestyle business in Hong Kong has become bigger than in the rest of the world because of the large number of Chinese visitors here."
The products under the Dutch electronics giant's consumer lifestyle business include electric shavers and toothbrushes, hair dryers, garment steamers and irons, air purifiers and humidifiers, vacuum cleaners, headphones, music player docking stations, and coffee makers.
"Chinese visitors are buying up a lot of our products, like shavers, which they can carry back to the mainland," said Vaartjes, who also heads the global Philips Consumer Lifestyle division based in the Hong Kong Science Park.
Despite the global economic instability, Hong Kong is forecast to remain the top shopping destination for mainland tourists due largely to the broad spectrum of genuine merchandise available in the city, according to a local retail sector study released this week by Jones Lang LaSalle.
A total of 31.6 million mainland tourists visited Hong Kong in the first eight months this year, the study said. Each visitor spent an average of HK$8,200, the same as last year. In the first half, total shopping expenditure reached HK$61.5 billion.
Vaartjes said Philips' consumer lifestyle products were widely available in the city. Philips had "consistently ranked as a top-three consumer brand" on the mainland, he said.