Hong Kong retail downturn may be thing of the past, accounting giant says
PricewaterhouseCoopers forecasts growth in retail sales of 3-4 per cent this year as political tensions subside with Carrie Lam becoming chief executive
The protracted retail downturn in Hong Kong could be a thing of the past as fewer cross-border conflicts encourage mainland shoppers to return and spend more in the city, according to a global accounting and consulting firm.
”To generate retail growth, mainland tourists are the most important factor. Even though there may be growth in overseas tourists numbers, they don’t spend much money,” said Michael Cheng, a partner who heads the firm’s retail and consumer section.
Cheng said part of the reason for the weakness of retail sales in the past two years was the hostile and polarised political climate in Hong Kong which deterred mainland visitors.
He said he expected this to improve under new chief executive Carrie Lam Cheng Yuet-ngor.
