Latest News:  
Beijing   Overcast    27 / 20 ℃  City Forecast

English>>China Business

Caution over luxury item spending amid economic woes (3)

By Sophie He  (China Daily)

13:09, September 07, 2012

(Photo/Xinhua)

"Most luxury brands already have stores in major cities on the mainland, and consumers now can purchase luxury items from next door, so they have fewer reasons to travel to purchase them from Hong Kong," said Shou.

According to Hong Kong's official data, total retail sales value in July increased by only 3.8 percent over a year earlier. The city's retail sales used to grow by double digits during the past one or two years.

In July, the sales for retail outlets of jewelry, watches and clocks, and valuable gifts in Hong Kong only increased by 0.9 percent year-on-year.

"The luxury market in Hong Kong may have nothing to worry for now, as there are so many wealthy people on the mainland, and even if people from first-tier cities stopped coming to Hong Kong for shopping, there are still a lot of people from second and third-tier cities who will," said Shou.

But Hong Kong should be concerned about its future, as the people's purchasing power from smaller cities on the mainland may not be as strong as those from Beijing and Shanghai, she said, adding that if Hong Kong provides nothing but a little discount on luxury items, it will lose its advantages as a "shopping paradise" eventually.


【1】 【2】 【3】



News we recommend:
Diaoyu row hurts Japanese car sales in China New Controls in the Making Housing report notes rise in sales
The Price Goes Up and Up Rail projects to spur economy Finance vehicle loans to local govts up in H1
A Treasure Trove of Resources  Kai-Fu Lee, Citron battle heats up Frictions Over Renewable Energy

Email|Print|Comments(Editor:李倩、厉振羽)

Related Reading

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Amazing military photos: China's J-10 fighters

  2. Aircraft carriers in service around the world

  3. New Deal to Boost Consumption

  4. 13m basket of flowers on Tian'anmen Square

  5. Pictures of space capsule

  6. The amazing Africa

Most Popular

Opinions

  1. Noda gov't in hot water as LDP eyes comeback
  2. White paper makes watertight case for Diaoyu claim
  3. Intl firms should learn from Chinese counterparts
  4. Aircraft carrier brings timely morale boost
  5. Palestine faces difficulties amid Arab upheaval
  6. Theft of Diaoyu Islands risks China-Japan trade ties
  7. Japan defies post-war int'l order, China's goodwill
  8. Tokyo's stance on Diaoyu Islands 'unacceptable'
  9. Supervision shields officials from graft
  10. Microsoft wisely teams with Beijing to fight piracy

What's happening in China

Waiting on the wheels

  1. New high-speed railway spurs debate over prices
  2. Chinese gov't units test-drive green autos
  3. Five detained after fatal Gansu mine accident
  4. China's airlines brace for holiday passenger boom
  5. Engineers see highest salaries, best job market

China Features

  1. Ancient villages face losing their souls
  2. Economic circles key to Sino-Japan relations
  3. How to pan for gold in cultural investment fever
  4. How are elegant Miss Etiquettes 'produced'?
  5. Co-production helps Chinese films go global

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture