“They also serve as the most important element to attract locals and tourists to repeatedly seek and experience what Hong Kong has to offer.

“As long as they continuously innovate, stay attuned to market changes and respond to customers’ needs, I firmly believe the competitiveness of Hong Kong brands will continue to improve and undoubtedly yield business fruits in local and overseas markets.”

Chan also hailed the crowded launch of the revamped Temple Street bazaar, which opened on December 15 and saw vendors offering delicacies such as dim sum, beef offal stew, fish balls, imitation shark’s fin soup and “fried three stuffed treasures” – a colourful vegetable snack filled with fish paste.

Ahead of the Christmas break, the finance chief also made an appearance in Tai Kwun to serve wine and hot chocolate to visitors.

Hong Kong retailers and restaurateurs in recent months have grappled with changing spending habits as mainland Chinese tourists increasingly focus on experiences over shopping and locals head elsewhere for bargain goods and services.

According to the Immigration Department, the city recorded 1.03 million outbound and inbound trips over Friday and Saturday. The data also showed a net outflow of 517,606.

The department earlier predicted the city would handle a total of 9.03 million in-and-out trips from December 22 to 26 and December 29 to January 1.

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Chan on Sunday pointed to the revamped Temple Street bazaar, part of a wider government effort to boost the nighttime economy, as an example of how traditional brands could innovate.

“The night market has received a remarkable response since its launch, with some evenings being so crowded that people found it hard to move around,” he said.

The minister added that the venue perfectly illustrated how many parts of Hong Kong had abundant and high-quality tourism resources.

“By injecting new elements and concepts to revitalise their traditional characteristics, they could become new attractions to both locals and tourists,” he said.

The night market currently runs from 2pm to 11pm each day and will continue for six months. Authorities had said they planned to review data covering visitor numbers and reactions before deciding the scheme’s next steps.

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The finance chief also hailed the Christmas holiday and the local winter solstice as draws for tourists and locals to be in Hong Kong and take in the festive atmosphere, helping to boost local consumption.

Chan cited positive comments about the rich and distinctive festive vibe from revellers in Tai Kwun, adding that the atmosphere of an international metropolis was one of the city’s charms.

He also wrote about meeting mainland influencers while touring the expo at Victoria Park, saying the event had a long history and served as a big draw among those who appreciated the unique “Hong Kong taste”.