HONG KONG, CHINA. Overnight visitor numbers rising steadily but their spending levels plummeting. That’s the distinctly mixed message for retailers arising from two new Hong Kong Tourism Board (HKTB) reports related to tourism arrivals and spending habits.
Spending by overnight visitors plunged by nearly -40% year-on-year in 2023 with a further decline expected in 2024, the Tourism Board said. This would mean a return to pre-pandemic levels this year.
Citing HKTB, the South China Morning Post reported last week that per capita spending by the group hit HK$9,700 (US$1,240) in Q1 2023 but steadily declined throughout the year to HK$7,400 (US$946) in Q2, HK$6,200 (US$792) in Q3 and HK$6,100 (US$780) in Q4, a -37% fall between the first and final quarters.
HKTB officials blamed a strong Hong Kong dollar, uncertain economic conditions and a change in tourists’ behaviour
