The Hong Kong retail industry has been hammered recently by declining visitor numbers, however leading analyst Pascal Martin, a partner at OC&C Strategy Consultants has said that it will recover, in time.
“There are a variety of reasons contributing to this trend – among them the lower China taxes and duties, and brands’ global pricing structures that have become much more homogeneous and harmonised, with smaller price differences across markets because of the transparency created by the Internet. Additionally, Chinese travellers also have a greater diversity of shopping destinations beyond Hong Kong, with Japan, South Korea, France and Italy becoming increasingly popular.” – Pascal Martin, Partner – OC&C Strategy Consultants.
