Hong Kong, one of the world's top luxury shopping destinations, is losing its luster as high-end retail properties go vacant and famous foreign brands reduce exposure to the city in favor of opening new outlets in mainland China
Luxury and big brand retail companies mentioned in the story did not respond to requests for comment.
Hong Kong retail data doesn't break out luxury goods separately but the sector was hit hard as China accounted for almost 80% of inbound tourists in 2019. Jewellery, watches, clocks and valuable gifts sales in 2022 at HK$38.8 billion , for instance, were less than half their 2018 value. " will never be back to the level it was, like a decade ago, when it was the only, I would say, duty free location where Chinese would go," L'OrealDuty free malls in Hainan, where tourists are the main customers, reported an 84% jump in sales in 2021, the latest data from consultancy Bain & Co showed, outpacing the mainland's average growth rate of 36% in luxury sales for that year.
This imbalance in favour of increasing sales in China had big luxury brands opening stores across the country over the last few years, according to filings and company websites., with 27 stores in the mainland, opened a new, enlarged store in Nanjing in January, relocating to upscale mall Deji Plaza. It first opened a store in 2010 in the eastern city.
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