'Mainland tourists' spending power is normalising'

The chairman of the Quality Tourism Services Association on Saturday reassured the catering and retail sectors that they will still have business as long as they grasp the new consumption habits of mainland tourists. Speaking on a television programme, Simon Wong pointed out that the industries should not expect mainland visitors to fork out as much as they used to. He revealed that compared to the peak of pre-Covid times, the spend for each mainland tourist who stays overnight has reduced by HK$3,000 in retail, which is the greatest among all sectors. Wong said this might not be due to weaker consumption power among mainlanders. "The catering and retail industries should start to accept that the so-called weakening spending power of tourists from the mainland might only be them normalising their spending," he said. "Maybe we should not fantasise that their spending will be doubled within a short period of time, to be as high as in the past. It might be because their consumption power was particularly strong at that time, and it is only now normalising." While the market will not be booming, he said there will still be business for the catering and retail industries if they recognise such changes. Separately, Wong estimated that businesses have surged up to 20 percent month-on-month during the Christmas holidays. But it has dropped by 10 percent compared to a year ago. He added that the resumption of the multi-entry visa scheme for Shenzhen residents has also boosted the economy.