Luxury sales grim in HK during Golden Week   

Hong Kong (CNS) -- Hong Kong received 968,846 mainland visitors during the eight-day holiday that concluded Sunday, an increase of 23 percent over the same period last year, according to statistics from the Hong Kong Immigration Department.

Yet the city's retail market saw anything but a corresponding growth in sales, as per capita consumption by mainlanders was between 5,000 and 6,000 HK dollars, a year-on-year decrease of 25 percent, said the Travel Industry Council of Hong Kong.

The consumption pattern of mainland visitors is changing from luxury items, jewelry and high-end fashion to cosmetics and other daily necessities, said Joseph Tung, executive director of the council.

Some mainland shoppers are hunting for bargains in Europe and the U.S. instead of Hong Kong, as the prices of luxury brands in the original countries are cheaper, he added.

With increasingly rational spending by mainland tourists, Hong Kong's retail sales may see a hard landing, or even negative growth, said Caroline Mak, chairman of the Hong Kong Retail Management Association.

But declining sales are not all bad, according to Tung. It shows that the consumption of mainland tourists is becoming rational, he said, and it also pushes the industry to explore multiple products and services to remain competitive, which is good for the sustainable development of Hong Kong's retail industry.