During the Easter holiday weekend, a significant number of Hongkongers chose to leave the city, contributing to a notable decline in local business, particularly in the restaurant sector, which saw a 30% drop in trade. This 'great migration' is prompting discussions about the potential long-term impacts on Hong Kong's economy, including decreased property values, government land revenues, and possibly wages. Comparatively, in Singapore, despite a higher per capita GDP by 11 per cent, per capita consumption remains about 21 per cent lower, with residents spending less on dining out. This trend is not unique to Hong Kong, as even Singaporean chefs note a global decrease in spending on dining. Additionally, Hong Kong's grocery sector is feeling the impact, with residents preferring to shop in Shenzhen for bargains. The collective effect of these behaviors over the holiday period has left Hong Kong's restaurants describing their situation as 'miserable'.
Hong Kong restaurants lament drop in business over Easter holiday
‘Miserable’: Hong Kong restaurants lament drop in business over Easter holiday https://t.co/uOb6gtRLW0
Hong Kong’s grocers feel chill as residents rush to Shenzhen for bargains https://t.co/VjQ0i9ruoi
"Around the world, people are spending less to go out to eat,” one Singaporean chef said. "We are creating new dishes to keep customers coming back.” https://t.co/u3AMfFlG7w
"Even though Singapore's per capita GDP is roughly 11 per cent higher than Hong Kong's, our per capita consumption is about 21 per cent lower"
Fresh wave of Hongkongers leave city on second day of Easter holiday weekend https://t.co/xG0nbGjM7L
Hongkongers’ long weekend ‘great migration’ cuts restaurant trade by 30%. Rents must fall closer towards Shenzhen’s. Thus property values/govt land revenues as well. Ultimately, also, wages. Do policymakers pushing integration realize this? https://t.co/pQQOEPXxzE