Mainland Chinese tourists driving Hong Kong sales

Mainland Chinese tourists driving Hong Kong sales

Hong Kong is reaping the benefits from the Mainland Chinese tourism shopping spree, as Mainland Chinese flock to Hong Kong to purchase a wide variety of products, from food to personal care to high end luxury. The two top cited reasons are lower prices than in the Mainland (as much as 20% for luxury goods) and peace of mind when it comes to product quality.

Mainland Chinese visitors accounted for 67% of retail sales (which were up 26% from last year) in the first eight months of 2011, and represented the largest group of spenders. Retail sales are expected to grow 15 to 20% from the period a year ago during the recent October Golden Week holiday.

Chinese tourists are the biggest shoppers in Hong Kong, spending an average of HK$7,800 a trip, according to the Hong Kong tourism board.

Mainland Chinese tourists are frequenting Apple stores, among other luxury goods retailers.

“We’re buying three laptops to bring home,” Kang Qunxia, 25, said, sitting at the bottom of the store’s spiral staircase with three Louis Vuitton shopping bags at her feet. She was waiting for her fiance who was perusing computers on the floor above.

“We were planning to spend about 60,000 to 70,000 yuan this trip and we’ve already spent 30,000 this morning and probably another 30,000 here,” Kang said.

See the Bloomberg article at:

http://www.bloomberg.com/news/2011-10-09/chinese-know-highest-quality-comes-with-lowest-prices-in-hong-kong-retail.html

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