Reality – in 2010 Vacationers spent over HK$200 Billion! (US$25.70 Billion) in HK.
When you’ve got not been to Hong Kong not too long ago then you’re going to be in for an enormous shock.
With the excessive value of gold (US$1,450+ per oz ) and round 22+ million guests a yr from gold mad Mainland China, the streets are being taken over by Jewelry outlets and Luxurious Watch outlets, go to any of the key vacationer shopping areas, Central, Tsim Sha Tsui, Jordan, Yamatei, Mongkok and Causeway Bay and you will note why, it’s not simply avenue outlets, however each main shopping mall as effectively.
Simply what number of Jewelry & Watch outlets can one metropolis have? the sum of money tied up in stock should be staggering, your common sized jewelry store or watch store in all probability has a store window show averaging about US$12 Million and there are a whole bunch of those outlets now.
Even Prince’s Constructing (subsequent to Statue Sq. and reverse the Mandarin Lodge) has had about 10% of it is retail house taken over by Cartier, I admit I prefer to window store however Queens Street Central for instance is quick dropping its attraction for the common shopper, thoughts you the store house owners are usually not complaining, the outlets all the time appear to be fairly busy. It’s a real pity as Queens Street Central has all the time been an ideal place to buy locals and guests alike however now the landlords are cashing in, the one retailers in a position to afford the fairly frankly silly rents (a 150 sqft “store” simply of Queens Street Central in a non prime location has simply rented for round US$13,000 monthly! to a retailer of Chinese language Tea) are the jewelry and watch outlets.
It isn’t simply jewelry and watches, Luxurious Manufacturers reminiscent of Louis Vuitton, Chanel, Coach, Gucci, Hermes and so on are opening up large (and I imply large) flagship shops, in most nations a brand will usually have one flagship retailer, in Hong Kong, there’s a flagship retailer in each main shopping space! and they’re a vacationer sights in their very own proper and what’s much more gorgeous is that there are queues to get in, even at 11am within the morning 성인용품사이트.
I hinted on the cause above and I’m solely now starting to understand simply how necessary Mainland Chinese language Vacationers are to the effectively being of Hong Kong and we have gotten more and more reliant (and maybe dangerously so) on our brethren from the North, customer numbers have elevated dramatically since 2003 and in 2010 we had 22.7 million guests from Mainland China, they now characterize round 62% of inbound guests.
Their spending power is staggering and goes an extended option to explaining why the watch /jewelry / luxurious brand outlets are taking on our streets and malls it’s no marvel that the HK Authorities acts rapidly to make sure there isn’t any destructive publicity as regards to tourism.
Excessive taxes in China are the explanation why they flock right here and why they think about HK to be a customers paradise, many guests are right here on a day journey, a fast tour on a coach after which hit the outlets and malls, apparently every customer spends on common HK$12,000 per journey (US$1,500) which is good news for Hong Kong retailers and funds Accommodations and I imagine this number to be conservative.
My “fear” is the bubble may burst, Mainland Chinese language guests are right here on the largesse of the Chinese language Authorities who concern visas underneath the Particular person Go to Scheme (IVS) which began in 2003, it’s not unknown for the Chinese language Authorities to revoke such schemes in a single day – given the significance of Hong Kong I doubt this may ever occur however unhealthy issues can and do occur for those who turn out to be overly reliant on one “consumer” so to talk… for the second although issues are going slightly properly, notably you probably have a store promoting well-known brand items, jewelry, watches and cosmetics.