In the rough

3 February 2017 By

Tourist arrivals from mainland China rose 3.6 pct over the New Year, and Chinese consumer spending is accelerating. If only that were enough for luxury companies who have hung their hat on the city’s unique charms. Luxury isn’t quite passé, but buyers have moved further afield.

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The number of mainland visitors to Hong Kong over the 2017 Lunar New Year holiday, which took place from Jan. 27 to Jan. 31, rose 3.6 percent from the prior year.

Travel to Hong Kong in 2016 declined by 4.5 percent overall from the previous year. The number of mainland visitors fell 6.7 percent.

Bain estimated that luxury goods sales in Hong Kong fell approximately 15 percent for 2016.

Hong Kong-listed jewelry retailer Chow Tai Fook reported a 2 percent decrease year-on-year in same-store sales in Hong Kong and Macau for the quarter ended Dec. 31. Same-store sales in mainland China for the same period rose 4 percent.

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