Hong Kong’s Christmas celebrations this year come with mixed sentiments as more than 1.1 million residents have reportedly left the city over the holiday period. This mass exodus, seen over the weekend, raises concerns for local businesses hoping to capitalize on tourist spending during the festive season.
According to reports, between Saturday and Monday at 4 PM, approximately 2.07 million people exited Hong Kong, juxtaposed with 1.26 million incoming arrivals. This resulted in a significant net outflow of around 800,000 individuals, prompting businesses to worry about the potential dip in sales. Many organizations were counting on the holiday to provide relief from what has been described as sluggish economic activity.
Cardinal Stephen Chow Sau-yan, head of the Catholic diocese of Hong Kong, shared his thoughts on the matter, stating, “Christmas and the New Year are a time for hope, love, peace, and dreams! Without hope and dreams, there will be no future. Especially for our young people, we need to walk alongside them and empower their creative hopes and dreams.” His perspective resonates amid the economic uncertainties and rising mental health issues across various demographics, particularly among youth and the elderly.
Despite the outflow, optimism remains palpable, particularly within Hong Kong’s catering industry. Many restaurants have reported being fully booked for Christmas this year. A revival of the multiple-entry visa scheme for Shenzhen residents, effective from December 1, is credited for this positive trend. Industry leaders project about a 10 percent increase year-on-year in business during this holiday season.
Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, pointed out, “The resumption of the scheme has recently triggered an uptick in the number of mainland tourists to Hong Kong, and the sentiment for local consumption is rising due to various discounts and promotions at eateries for the Christmas season.” Wong emphasized the festive excitement, with many renowned restaurants, particularly Michelin-star venues, at full capacity.
The Hong Kong Brands and Products Expo, one of the city's largest annual bazaars, has also experienced growth, reporting about 5 percent more business compared to previous weeks. The fair, which began on December 14 and runs until January 6, is expected to attract numerous shoppers and tourists alike.
While local residents venture away during this Christmas period, visitors from mainland China appear to be bolstering the city’s economy through various activities and promotions. The Tourism Board has cordially organized events like panda activities, which have undoubtedly added to the vibrant atmosphere.
Border crossings between Hong Kong and mainland China have been ultra-busy, highlighting the interconnectedness of both economies. The hope is clearly for the Christmas season to bring some long-awaited relief and joy to the local business environment impacted by the pandemic and recent socio-political challenges.
Hong Kong’s community leaders, including Cardinal Chow, continue to stress the importance of resilience and hope. Amidst “depressive and anxiety-provoking realities,” their message aims to uplift and encourage individuals, especially the younger population, to strive and dream for brighter futures.
With all signs pointing toward resurrected consumer behavior for the holiday, the outlook remains cautiously optimistic. The festive cheer along with reinstated tourism from Shenzhen stand to breathe new life not just for the catering sector but for the wider economy of Hong Kong.
The scene is set for Hong Kong’s struggle against economic decline, as the city inches closer to wrapping up the year with renewed hope and the promise of increased tourist engagement. This Christmas might be more than just celebrations; it could signify Hong Kong's gradual economic uplifting.
