Hong Kong Fashion Retailers Hit Hard During National Holiday“Golden Week”, Pearl Stores Have More Employees Than Customers
On the second day of the October 1st “Golden Week” Hong Kong had lost the splendor of past years. The magnificent scenes of previous years had disappeared as tourists vanished from usually bustling areas like Mong Kok, Tsim Sha Tsui, Causway Bay, the Wan Chai District and other areas. According to reports from the Hong Kong media, business during this years holiday was barely equal to a normal weekend, and many business owners were claiming that it was the “worst Golden Week ever”. The long lines usually in front of luxury stores on Guangdong Avenue in Tsim Sha Tsui had disappeared, and more that 10 high-end pearl shops on Haipang Street were completely deserted. In some shops, there were more employees than shoppers.
An industry insider explained that the number of tourists traveling to Hong Kong during the national holiday had decreased, leading to local retailers incurring heavy losses. The reason being that these retailers had based their operations and service on the enormous needs of Mainland Chinese shoppers, especially luxury brands and pearl retailers. The Hong Kong Tourism Industry Commission pointed out that on the first day of Golden Week, there were about 260 Mainland Chinese tour groups visiting Hong Kong, a 12% decrease from last year.
On October 2nd, Yao Sirong, Vice-chairman of the Hong Kong Tourism Commission said that during this year’s “October 1st Holiday” Golden Week, we won’t see the “impossible hotel room” phenomenon. On the 1st, hotel occupancy rates were around 80%, and rates were forecast at up to 90%, but rates for the whole Golden Week will be less than the 90% of past years. Room rates have fallen 10-20% from last year. Yao Sirong said that previous strikes against merchandise smugglers have caused some tourists to go to other countries, such as Japan and Korea. In addition, Hong Kong doesn’t have any new attractions, leading to a reduction in Mainland Chinese tourists. Hong Kong is no longer the first choice for Mainland Chinese.
Hong Kong retail trade suffered a serious setback. Huang Weichang, Chairman and C.E.O. of the Luk Fook Group, pointed out that currently the retail trade had reached an all-time low, and estimated that usually low points usually last 2 to 3 years before recovering. About the travel frenzy induced by the National Holiday, he predicts that the stream of tourists will fall short of numbers from the same period last year. Recalling sales from previous holidays quickly jumping to 2 to 3 times that of normal days, he says it will be difficult for this year to see such spectacular sales figures as there were in years past. In order to respond to these new conditions in the retail market, he revealed that his corporation will release more moderately priced products catered to the masses.
One analyst pointed out that more and more Mainland Chinese consumers are discontent, which negatively influenced profits for the Hong Kong market. Companies that operate using the Euro wont see that kind of influence, because the exchange rate is sufficient to cover up the disadvantage. Other brands, such as Burberry, will suffer the fierce attack.
According to the newest quarterly financial reports from major luxury brands, the Hong Kong market has become a a headache market. Burberry expressed that indications of the market’s current slowdown haven’t taken a turn for the better. As a result, in May the corporation released a warning report. Hermes also claimed that the Hong Kong and Macau markets were still a “difficult environment”. As for the steep decline in independent travelers, the downward slide in fashion retail is obvious.
Businesses Cold and Cheerless as Hong Kong experiences Worst “Golden Week” Ever.
On the last day of China’s National Day (“Golden Week”), the media has claimed it was the “worst Golden Week ever” for Hong Kong, especially for areas like Causway Bay, Tsim Sha Tsui, and other areas where retail stores are concentrated. In comparison to past years where bustling crowds filled the city, during this years “Golden Week” it was obvious that tourists were sparse and shops were cold and cheerless.
Comments from QQ:
I would like to ask the people who travel to Japan, are you still Chinese? Do you have any respect? Can your conscious face the martyrs? Can your conscious face the elderly, women and children that were slaughtered by the Japanese devils? Up until now the Japanese devils still haven’t admitted their crimes against China。They are still hooting, always against China in every way. If you still have any intuition you should boycott Japanese goods. If you’re Chinese up vote this comment, lets make people who buy Japanese products see!
Be a rational patriot, spend your money reasonably. High costs and low income, fake goods and unsafe medicine… even if things [Chinese products] are this way, we should still avoid buying and using Japanese and Korean products. Except I can’t give up Phones with Japanese apps.
Compatriots, though the wound is healed, don’t forget the pain. No matter how good the Japanese products are, please don’t buy them. A strong person protects those around him. Whats more is that this is our homeland. Loving your country is loving yourself. Siblings, let us join forces and defeat Japanese Imperialism! Support Chinese products!
Didn’t we say we’d never forget our national humiliation? It might be ok on some other holiday, but how many martyrs used their blood to pay for our National Holiday? Don’t tell me you’ve forgotten about 9/18, the Songhu Campaign, the Nanjing massacre and the Jinan tragedy???? If the people are celebrating National Day in this way, I strongly suggest canceling the National Day vacation. I earnestly request that people not forget history, don’t forget the national humiliation!!!! [national humiliation, refers to Japanese incursions into China in the 1930s and 40s, and more especially to Mukden railway incident of 18th September 1931 九一八事變|九一八事变 and subsequent Japanese annexation of Manchuria]
Don’t insult those that go to Japan. Look at our own products, the milk powder is poisonous, oil comes from the gutter, fake medicine is everywhere and many foods are expired. I really don’t dare to believe in the Heavenly Kingdom..
People with money go to Japan. People without money insult Japan.
Chines People!!! We should educate ourselves to think morally. Hong Kong resists the mainland and our countrymen go to hostile Japan to shop!!! Our biggest enemy is the character of our own thought!!!
Congratulations to Hong Kong, for finally getting the peace and quiet they wanted!
I don’t think that Japan is that bad, and I don’t think China is that great. When you buy things you’re looking for the best deal, who cares where its was made. People who are using patriotism to sell things are hoodlums.
Comments from Sina Weibo:
This desolation, its what you [Hong Kong] wanted!
This is only the beginning.
Those so-called Hong Kongers got what they wanted. They don’t welcome mainland tourists, and Japan does. If you have money you can spend it anywhere.
All the people with money went to Qingdao to eat shrimp. Who has the time to go to Hong Kong?
Isn’t this what they [Hong Kong citizens] wanted? To live in peace? They didn’t want us mainlanders disturbing them. They are a financial metropolis and don’t need to rely on us. Thats exactly what they said.
I just want to say that I went to Hong Kong over the holiday and there really were less people than on a normal weekend.
If you kill yourself, you can’t blame others.
There was a Typhoon during those days…