Drop in Hong Kong tourism to hit retailers
A predicted drop in tourists visiting Hong Kong this year is expected to dent the performance of local retailers.
The Hong Kong Tourism Board predicted Thursday (January 15) that tourist arrivals, which account for 20-30% of retail sales in the territory, will fall 1.6% this year to 29m, Reuters reported. In 2008 a record 29.5m tourists visited Hong Kong.
The tourism board blamed the introduction of direct flights between Taiwan and China and a further appreciation of the Hong Kong dollar for its weak prediction.
It sees 4.1% growth in visitors from mainland China, who account for more than half of the territory's visitors, but sees a 9.2% plunge in visitors from elsewhere.