{"id":286,"date":"2023-03-16T11:06:43","date_gmt":"2023-03-16T03:06:43","guid":{"rendered":"https:\/\/www.ftpol.com\/en\/?p=286"},"modified":"2023-04-06T11:23:07","modified_gmt":"2023-04-06T03:23:07","slug":"mckinsey-hong-kong-risks-losing-its-shopping-paradise-title-to-hainan","status":"publish","type":"post","link":"https:\/\/www.ftpol.com\/en\/mckinsey-hong-kong-risks-losing-its-shopping-paradise-title-to-hainan.html","title":{"rendered":"McKinsey: Hong Kong risks losing its \u2018shopping paradise\u2019 title to Hainan"},"content":{"rendered":"\n<p>In a latest survey released by consulting firm McKinsey &amp; Co., only about a third of affluent shoppers living in Greater Bay Area said they have plans to visit Hong Kong this year, and 10-15% of these tourists will slash their spendings in the city in favor of duty-free Hainan or gambling city Macau. &nbsp;<\/p>\n\n\n\n<p>The results are collected from over 3000 middle- and upper-class residents living in Guangdong-Hong Kong-Macau Greater Bay Area in February.<\/p>\n\n\n\n<p>Only 1155 respondents said they have plans to visit Hong Kong and 85% of them said the purpose of the trip is for shopping and sightseeing. The tourists expect to spend RMB 36,400 (US$5224) on average when visiting Hong Kong, with almost half going toward luxury products, including leather goods, watches and jewellery.<\/p>\n\n\n\n<p>Deep-pocketed mainland tourists are also an important source of fine wine sales for Hong Kong\u2019s retail wine market when many will buy tax-free, high-end bottles from luxury supermarkets, wine shops back to the mainland.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i0.wp.com\/vino-joy.com\/wp-content\/uploads\/2023\/03\/Untitled-design-9.png?resize=640%2C427&amp;ssl=1\" alt=\"Hong Kong (pic: file image)\" class=\"wp-image-57561\" \/><figcaption class=\"wp-element-caption\">Hong Kong (pic: file image)<\/figcaption><\/figure>\n\n\n\n<p>But what\u2019s worrying is that about two thirds of respondents have no plans to visit Hong Kong in the next 12 months and within the willing one third travellers, 10-15% said they would slash their spendings in the city in favour of\u00a0duty-free Hainan, Macau or overseas buying channel for luxury shopping.<\/p>\n\n\n\n<p>Other than luxury shopping, travellers are also looking for a broader range of services from Hong Kong such as financial services and healthcare.<\/p>\n\n\n\n<p>In order to attract mainland tourists, McKinsey believes that merchants in Hong Kong need to improve digitalization and service quality, otherwise the city risks losing its shopping paradise title.<\/p>\n\n\n\n<p>Mainland tourists, the biggest source of tourist arrivals to Hong Kong, have been declining in numbers in recent years. Since 2019, Hong Kong\u2019s anti-government protests have deterred Chinese and international tourists, the ensuing global pandemic in 2020 effectively shut out mainland tourists.<\/p>\n\n\n\n<p>There are however signs to be optimistic. On February 6, after nearly three years of border closure, Hong Kong fully re-opened with mainland China without covid restrictions, and in the month alone 1.1 million mainland tourists have visited the city.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a latest survey releas<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/posts\/286"}],"collection":[{"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/comments?post=286"}],"version-history":[{"count":1,"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/posts\/286\/revisions"}],"predecessor-version":[{"id":287,"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/posts\/286\/revisions\/287"}],"wp:attachment":[{"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/media?parent=286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/categories?post=286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/tags?post=286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}