Spending by holiday visitors lags increase in arrivals
This year's "golden week", a national holiday, lacked lustre, says the Hong Kong Retail Management Association, whose members run more than 6,700 retail outlets in the city. Retail sales grew about five per cent from last year during the mainland's three-day Labour Day holiday, below the group's forecast of 10 to 12 per cent.
This year's "golden week", a national holiday, lacked lustre, says the Hong Kong Retail Management Association, whose members run more than 6,700 retail outlets in the city.
Retail sales grew about five per cent from last year during the mainland's three-day Labour Day holiday, below the group's forecast of 10 to 12 per cent.
That reflects a recent trend of Hong Kong's waning appeal to wealthy mainlanders.
According to government statistics, retail sales growth in the city slowed to 13.9 per cent in the first quarter, down from 15.8 per cent in the same period last year.
The association expects retail sales growth to hit 10 to 11 per cent this quarter due to restrictions on the export of milk powder and the yen's depreciation.
Caroline Mak Shui-king, the association's president, said the high growth resulting from the mainland's Individual Visit Scheme was now in the past.