Hong Kong restaurants expect 10% Lunar New Year boost to business
Multiple-entry visa scheme has resulted in more mainland visitors, offsetting effects of Hongkongers heading out of city, industry leader says
Hong Kong’s restaurants expect a 10 per cent rise in business over the Lunar New Year holiday, industry leaders have said, driven by a boost in consumer spending during the festivities and an increase in mainland Chinese visitors as a result of a revived multiple-entry visa scheme.
Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, said on Thursday that the catering industry expected to make about HK$1.2 billion (US$154 million) during the three days before the festive holiday.
“This year the industry is expected to enjoy brisk business with a 10 per cent rise in income,” he said.
“Despite the trend of Hongkongers travelling overseas and heading north [to the mainland] to spend, more mainland visitors are coming to the city thanks to the multiple-entry visa scheme, leading to the warming up of spending sentiment.”
The scheme, which allows Shenzhen residents to make an unlimited number of visits to the city within a year, resumed on December 1.
“Also, with more festive events being organised, more locals are willing to dine out and spend. Actually, the industry has enjoyed a marked rise in business over the past two months as more Hongkongers are willing to stay out late,” Wong said.