Hong Kong Golden Week Purchases Down

Created: 2012-10-05 09:57 EST

Category: Business
It’s Golden Week in China now, a time when many mainland tourists venture to Hong Kong to buy luxury goods for less. Chinese purchase everything from luxury clothing and watches to other tech purchases.
But according to Joseph Tung of the Travel Industry Council, spending is down ten percent from last year, although the number of tourists arriving in Hong Kong is increasing.
Tung estimates that tourists will spend about five to six thousand Hong Kong dollars this year, or about 650 to 750 US dollars. It’s down from seven to eight thousand Hong Kong dollars last year.
Bloomberg News reports that retail sales on the island are at their slowest pace since the onset of the global financial crisis. Sales were up about 4.5 percent in value for August, but economists expected it to increase by 5.8 percent.
Golden Week ends on Sunday.