Secretary for Commerce and Economic Development Algernon Yau stated today (Jan. 18) that the retail industry in Hong Kong saw a decline in sales value in November last year, reflecting significant challenges faced by the retail sector. However, the number of visitors to Hong Kong exceeded 44 million last year, representing an annual increase of about 30%. Following the resumption and expansion of the multiple-entry IVS in December last year, the retail situation improved during Christmas and New Year.
Yau mentioned that after the expansion of the IVS, some businesses reported double-digit growth, and he believes that Hong Kong will continue to benefit from this policy this year. However, due to the global economic environment and changes in post-pandemic consumption patterns, the industry still needs to adapt to change. Retail, catering, and hotel industries must respond to the needs of residents and tourists, consider how to transform, and introduce new attractions to attract consumers.
Yau also highlighted the significant economic power of the elderly population and the strong financial capabilities of middle-class individuals after retirement.
"The industry should consider how to attract this group for consumption."
According to Yau, the government's newly established 'Working Group on Promoting Silver Economy' has held two meetings, and related policies are expected to be introduced in the first half of the year.
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