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Hong Kong has enjoyed a prosperous summer where a buoyant economy is reflected in booked out accommodation and a surge in high-end consumer spending, according to a report of the Hong Kong Trade Development Council.
Hotels and restaurants have recorded a boom season, with occupancy rates not seen for 10 years. Tourism arrivals reached a record 2.07 million in August, up 25 percent on July. This brings the total year-to-date arrivals to 14.7 million, an increase of 58percent over the same period last year.
The Chinese mainland easily remained the largest market by volume, with a rise of 31 percent to a record 1.24 million visitors. Notable increases from other major markets included Malaysia (up 69 percent), Singapore (57 percent), Thailand (53 percent), Australia (49 percent), the UK (47 percent) and Canada (46 percent).
Latest government figures on retail spending reveal "a remarkable performance" in the six months to end June as sales of motor vehicles, electrical goods, photographic equipment, jewelry and watches all registered growth of over 20 percent.
While increasing business tourism continues to have a positive impact on the hospitality industry, and rising numbers of affluent Chinese mainland tourists boost the retail sector, many believe the upmarket mood is more a reflection of optimism in Hong Kong.
"There is a positive vibe about Hong Kong," said Allan Zeman, chairman of the Lan Kwai Fong Association. Zeman oversees the promotion of Lan Kwai Fong, one of Hong Kong's most famous restaurant and entertainment districts.
"There's a feel-good factor that says Hong Kong is booming," Zeman said. "Long haul tourists are coming in and droves; there are conventions almost every day; restaurants and bars are full. Customers are spending -- and this is putting smiles on a lot of faces."
Andrew Windebank, chief executive of the Hong Kong Automobile Association, said people are feeling confident enough to start buying again, especially in the luxury car sector.
Car sales, he said, are a good indicator of market confidence since cars are a non-essential item. "It reflects a return of optimism that people who have put off the buying decision for five or six years are now feeling confident enough to place orders."
(Xinhua News Agency October 4, 2004)
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