2nd December 2023 – (Hong Kong) A growing trend of cross-border consumption, commonly known as “northbound consumption,” has significantly influenced the streets of Hong Kong. Algernon Yau, the Secretary for Commerce and Economic Development, acknowledged this phenomenon during a radio program today, stating that it is a natural occurrence. Yau also noted that local residents are not only venturing to other regions for travel but also emphasized the importance of stimulating consumption among those who choose to remain in Hong Kong. Additionally, attracting both domestic and international tourists to the city is a crucial objective. However, Yau pointed out that the full recovery of flight capacities and the shortage of hotel staff in Hong Kong remain ongoing challenges. He expressed his hopes for gradual improvements that will ultimately attract a larger number of visitors to Hong Kong, leading to the overall recovery of the city’s economy, retail sector, and food and beverage industry.
Yau further highlighted the government’s efforts in organizing various events, such as the “Night Vibes” and “Hong Kong World Wine Carnival 2023” to enhance the enthusiasm for consumption among citizens. While he acknowledged the positive impact of these initiatives led by the government, he emphasized the importance of collaboration between the industry and the public. Yau encouraged private enterprises to come up with innovative ideas and called for collective brainstorming to attract citizens to engage in local consumption.
Furthermore, Yau mentioned that the overall value of imports and exports in Hong Kong recorded a year-on-year increase in October. However, he cautiously noted that the sustainability of this growth remains to be observed, considering the lingering concerns in the global economy. The decline in mainland China’s exports also poses an impact on Hong Kong. Therefore, the authorities will closely monitor the global situation while implementing additional measures to encourage businesses to explore opportunities beyond Hong Kong. Yau stressed that the future external environment continues to present challenges, necessitating Hong Kong’s self-strengthening efforts and the exploration of new opportunities through collaboration with emerging economies