Letters | Should Hong Kong be trying to best Shenzhen as a shopping and dining destination?

Readers discuss efforts to boost consumption in the city, and the transport chaos in the wake of the Observatory raising the typhoon No 9 signal

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People enjoy food and drinks at a waterfront carnival in Wan Chai on October 13 held as part of the government’s ‘Night Vibes’ campaign. Photo: Yik Yeung-man

Published: 11:30am, 17 Oct 2023Updated: 2:08pm, 17 Oct 2023

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There’s been a lot of discussion about how to bring back the money Hongkongers are spending in Shenzhen and get them to consume more locally. However, I’d like to pose a bold question: instead of asking how to bring back consumer spending, should we consider this downturn an inevitable trend that we should accept?

My economics textbook reminds me that specialising in particular sectors, and joining forces with other economies, is more likely to foster efficiency and prosperity than striving for excellence in every field. This economic principle generally forms the basis of megalopolises, including the now frequently mentioned Greater Bay Area.

With Hong Kong progressively integrating with other Greater Bay Area cities, a fundamental question should have been asked long ago: should Hong Kong still strive to stand out as a destination for top-notch yet wallet-friendly shopping and dining in the region? Given that more people are going up north to spend, it seems like the answer is getting clearer.

Putting aside the influence of neighbouring cities, we must also acknowledge the impact of global macro trends on local consumer spending. The influx of packages from companies like Amazon and iHerb, along with the thriving freight forwarding industry, indicates that there is competition for Hongkongers’ spending on a global scale.

Hong Kong excels in areas like finance and professional services. Admitting that restaurants and retail stores aren’t the most significant parts of Hong Kong’s economy may be key to embracing the idea of being part of a megalopolis. This would let us concentrate on what we do best and redistribute resources suitably.

In simpler terms, we are in an era of transition. It should have become clear to us over the past few years, but the pandemic made it hard to see. Hongkongers, including myself, regrettably held unrealistic expectations about the city post-Covid activities, envisioning a return to the normalcy of 2018. These factors have compounded the issue, contributing to the current sense of urgency and uncertainty.