Hong Kong's luxury retailers are adapting to fewer wealthy Chinese shoppers visiting the city and a shift towards tourists flocking to Instagram-coveted spots in trendy districts rather than splashing out on pricey branded gear. Before the pandemic, the Chinese special administrative region had bucked global trends of declining demand for multi-brand department stores and ultra-luxury brands largely due to its attractiveness to high-spending mainland visitors. But the rise of competing shopping hubs like China's Hainan island, changing consumer preferences and a rise in online shopping have fundamentally changed demand for luxury goods in Hong Kong and are starting to reshape the city's visitor economy, according to industry experts.
Hong Kong luxury retailers adjusting to drop in high-spending Chinese tourists
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