Hong Kong’s commercial model is now quietly reaching a turning point.
Until now, Hong Kong has been supported by its overwhelming geographical advantage: “convenient transportation” and “people coming from all over the world.”
The Reality of “Weekends in Shenzhen”
Recently, a phrase often heard in conversations among Hong Kong locals is, “I went to Shenzhen over the weekend.” I feel this is not a temporary boom, but proof that a new lifestyle habit called “Northbound Consumption” is taking root.
Tourists Closing Their Wallets” The style of tourists coming to Hong Kong is clearly changing. The “explosive shopping” (bakugai) scenes seen in Mong Kok or Tsim Sha Tsui just a few years ago have completely faded. Instead, what stands out are light-footed travelers walking the streets with smartphones in hand. Their objective has shifted from “buying things” to “where and how to spend their time.”