Source:https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3293225/hong-kong-retailers-hoteliers-gloomy-over-lunar-new-year-business-prospects
Hong KongHong Kong Economy

Hong Kong retailers, hoteliers gloomy over Lunar New Year business prospects

Retail group expresses business concerns ‘as people have been cautious about their spending’, but hopeful regarding mainland tourists

Edith Lin
Tourists shop on Christmas Day. Photo: Nora Tam

Hong Kong’s retail and hotel sectors have sounded a cautious note about business prospects for the coming Lunar New Year holiday, noting residents are hesitant to spend money and mainland Chinese visitors may opt for shorter stays.

The pessimistic outlook from businesses coincided with the release of the latest retail figures on Thursday, with sales falling by 7.3 per cent to HK$31.7 billion (US$4 billion) in November, marking the ninth straight month of decline.

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