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.
A landmark national security trial for leading China critic Jimmy Lai will open in Hong Kong on Monday amid tight security, with the pro-democracy activist battling charges that he colluded with foreign forces, including the United States. Hong Kong's security chief warned last week any attempts to disrupt proceedings would not be tolerated. Lai, the founder of now-shuttered pro-democracy newspaper Apple Daily and one of the most prominent Hong Kong critics of China's Communist Party leadership, has faced a salvo of litigation since a wave of pro-democracy protests in 2019.
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.
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