The Retreat Of Luxury Brands Will Soon Be Lost In Hongkong.

Once shopping paradise Hongkong, from this year's retail earnings report, the "shopping paradise" scenery has long been gone.

As the number of tourists in mainland China continues to decrease, the retail industry in Hongkong is also continuing to feel cold.

Since November, luxury brands Prada, Miu Miu and Gucci have been sold as low as half off and even promotional activities have gone on indefinitely, while the British luxury brand Burberry has also joined the sales promotion campaign. The lowest half off promotions are very rare.

Recently, even Chanel store in Hongkong has joined the promotion war.

At the same time, the retail industry in Hongkong also showed a downward trend.

Supplier Milan station said that the profits of Hongkong stores in the first half of the year fell by 28%, and cosmetics retailers Sasa and excellence fell 10.6% and 14.4% respectively in the first six months of September and June.

Although retail prices have declined through promotions, the prices of some commodities are still high.

Therefore, consumers can easily come from

Transfer to other destinations that offer cheaper prices.

Such as Japan and Korea.

Earlier visa free travel to mainland tourists

The consumption of Chinese tourists has become the main driving force of Hongkong's retail and commercial real estate industry.

During the boom period, there was a long queue in front of the city's LV, Chanel and Gucci, because luxury goods sold in Hongkong were 40% cheaper than in mainland China.

But with the mainland's anti-corruption and the prevalence of combating consumption, and in the global tourist cities, China has adopted a more stringent visa system through the relaxation of visa system to attract Chinese tourists. (specifically, only those who hold Shenzhen accounts can enjoy the system of returning to Hongkong several times a week), Hongkong is losing its past attraction. "Hongkong"

After the mass protests in Hongkong, the government tried to organize large-scale catering and sporting events to promote the development of the tourism industry. However, the construction of hardware facilities still takes time, and tourists also need time. Industry analysts believe that Hongkong's fashion retailing industry will continue to decline or even lay off in the next year, while more luxury brands may choose to reduce stores or even withdraw from the Hongkong market.