Fact – this season Vacationers spent over HK$200 Billion! (US$25.70 Billion) in HK.
There are visited Hong Kong recently then you’ll maintain for just about any amaze.
Using the cost of gold (US$1,450 per oz ) and around 22 million visitors yearly from gold mad Where you live now China, the roads are increasingly being absorbed by Jewellery shops and Luxury Watch shops, go to the major tourist shopping areas, Central, Tsim Sha Tsui, Jordan, Yamatei, Mongkok and Causeway Bay and you will realise why, it isn’t just street shops, but every major shopping mall too.
Just the amount of Jewellery & Watch shops may i city have? how much cash twisted in inventory ought to be staggering, your average sized jewellery shop or watch shop probably features a shop window display averaging about US$12 Million and you’ll find numerous these shops now.
Even Prince’s Building (alongside Statue Square and opposite the Mandarin Hotel) has received about 10% of it’s retail space absorbed by Cartier, The fact is that I enjoy browse around but Queens Road Central for example is fast losing its attraction for your average shopper, really the shop proprietors aren’t complaining, the companies always seem to become pretty busy. It is a real pity as Queens Road Central is an great spot to purchase locals and visitors alike nevertheless the landlords are earning money, really the only retailers capable of spend the money for to tell the truth stupid rents (a 150 sqft “shop” just of Queens Road Central in the non prime location just rented for roughly US$13,000 monthly! with a store of Chinese Tea) will be the jewellery watching shops.
It isn’t just jewellery and watches, Luxury Brands for instance Lv, Chanel, Coach, Gucci, Hermes etc are opening huge (and i also mean huge) flagship stores, in lots of countries a brand name will often acquire one flagship store, in Hong Kong, there is a flagship store in every single major shopping area! and they are a attractions themselves what is actually a lot more stunning can there be are queues to enter, even at 11am every morning.
I hinted within the reason above and i am however beginning to understand exactly how important Where you live now Chinese Vacationers is to the wellness of Hong Kong and we are becoming a lot more reliant (and perhaps dangerously so) around the brethren within the North, customer figures have elevated dramatically since 2003 plus 2010 we’d 22.seven million visitors from Where you live now China, they now represent around 62% of inbound visitors.
Their spending power is staggering and goes a extended approach to explaining why this wrist watch /jewellery / luxury brand shops dominate our roads and malls it’s really no question the HK Government functions quickly to make certain there is no bad publicity with regards to tourism.
High taxes in China are precisely why they flock here and why they consider HK to become shoppers paradise, much traffic are here with an trip, a quick tour around the coach then hit the companies and malls, apparently each client spends typically HK$12,000 per trip (US$1,500) that’s brilliant news for Hong Kong retailers and budget Hotels however the dots per inch to get conservative.
My “worry” could be the bubble could burst, Where you live now Chinese visitors in the largesse in the Chinese Government who issue visas beneath the Individual Visit Plan (IVS) which started in 2003, it isn’t unknown for your Chinese Government to revoke such schemes overnight – given the value of Hong Kong I doubt this might ever happen but bad things can and do happen in the event you become excessively determined by one “client” as the saying goes… for the time being though the situation is going rather nicely, particularly should you have a very shop selling stylish fashion goods, jewellery, watches and cosmetics.