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Hong Kong is welcoming a new kind of post-pandemic Chinese tourist, who instead of splurging on luxury items now opts for more low-key activities.
Changes in travel habits are being driven by a younger generation of social media users as the Chinese economy deteriorates, with younger people in particular altering their buying patterns while youth unemployment stays high. During the recent Golden Week holiday, consumers across the country travelled and spent less than expected.
During Golden Week, retail sales in the city were comparable to those of a typical weekend in Hong Kong, despite an increase in foot traffic of 20% to 30%, according to Oliver Tong, head of retail in Hong Kong at JLL. He noted that the pessimism extends to the next Lunar New Year holiday.
And, while Hong Kong was once China’s unrivalled shopping mecca, the city is now experiencing stiff competition from Hainan province. The tax-free tropical island in the country’s south is emerging as the hottest luxury shopping destination, with worldwide companies expanding their presence. LVMH’s duty-free unit DFS Group said last week that it would construct a mega mall there, the company’s first in mainland China.
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