Business declines for restaurants as HK residents travel north
The three-day Mid-Autumn Festival holiday in mainland China has come to an end.
Timothy Chui, the executive director of the Hong Kong Tourism Association, noted that the company's boutique hotels experienced higher occupancy rates than usual or during special holidays. The holiday primarily attracted short-distance travelers, many coming from the Greater Bay Area or nearby regions, often staying for one or two days or making same-day trips. Overall, hotel prices in Hong Kong remained stable.
In the same program, Simon Ka-wo Wong, President of the Hong Kong Federation of Restaurants & Related Trades Limited, mentioned that business during this year's Mid-Autumn Festival saw a decline of over 10% compared to last year. Many Hong Kong residents traveled north to spend. Although activities such as drone shows and fire dragon dances were held along Victoria Harbour, they primarily benefited local businesses, with other areas maintaining the same income.
Looking ahead to National Day in October, Hong Kong will host over 400 celebratory events. Chui expressed optimism, stating that with a seven-day continuous holiday in mainland China, Hong Kong is expected to attract more medium and long-distance travelers. Currently, hotel bookings for October 1st appear promising, with some hotel prices projected to be about 10% higher than usual, along with slight increases.
Wong hopes that various government initiatives will encourage more local residents to spend in Hong Kong. He noted that the purchasing power of mainland tourists has decreased by approximately 20%, emphasizing that local consumer spending accounts for about 90% of the restaurant industry's revenue. Last year, business on National Day exceeded HK$300 million. Still, he anticipates a reduction this year, primarily due to the current economic conditions and a decrease in banquet activities by mainland and local enterprises.
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