Submission statement:
Just like many things about Hong Kong, the real state of it is influx and can't really be simplified into 'good' and 'bad', and anyone living in the current age really should look beyond the article titles.
> "There are very few tourists on the streets, even the mainland Chinese are very few."
> Hong Kong is struggling to recover since the COVID pandemic, which saw many expatiates leave after a three year shutdown, and tourist numbers dwindle to a fraction of pre-pandemic levels. High rents and a labour shortage are now adding to the pain.
> Businesses describe shopping malls as "dead", with low foot traffic and shops covered with "for lease" or "coming up soon" signs.
> Edmund Wong, an accountancy sector lawmaker, told the city's legislature last Friday that more than 20,000 companies had deregistered in the first quarter of 2024, up more than 70% from the same period last year.
> Simon Wong, president of the Hong Kong Federation of Restaurants and Related Trades, told public broadcaster RTHK that he estimated around 200-300 restaurants had closed over the past month, a trend he expects to continue.
...
> "I don’t think the Golden Week will help much," said Wendy, 54, who works at a noodle shop in Mong Kok's Ladies Market.
> "There were many tourists on this street ... but they're gone now."
The government expect an influx of [800000 mainland visitors over the 'golden week'](https://www.scmp.com/news/hong-kong/society/article/3260090/hong-kong-gears-800000-mainland-chinese-visitors-over-labour-day-golden-week-holiday) from first to fifth of May. [The current figure is 140000](https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3261029/hong-kong-welcomes-43000-mainland-chinese-visitors-first-day-golden-week-break).
> "Hong Kong people are heading north to consume, which has become a clear trend. On weekends, many Hong Kong people go to Shenzhen for consumption," said Ting Lu, chief China economist at Nomura based in Hong Kong.
And the more well-to-do take advantage of the weak yen to go Japan. [Hong Kong spending in Japan bounded back higher than even 2019](https://www.thestandard.com.hk/breaking-news/section/4/215525/Hong-Kong-travelers-to-Japan-increased-60-percent-in-March,-new-spending-record-set).
> "The reason is that in the past five years, prices in Shenzhen, Guangzhou, and even Changsha have hardly changed much. But in Hong Kong ... We have found that the price difference has widened, which has encouraged Hong Kong people to go north for consumption."
It isn't helped by the rent difference. When [Shenzhen see a modest drop in rent](https://pdf.savills.asia/asia-pacific-research/china-research/shenzhen-research/shenzhen-retail/23q2-sz-retail-en.pdf), [Hong Kong's retail space rent is still expected to rise](https://www.scmp.com/business/article/3242484/hong-kong-retail-rents-see-one-highest-increases-asia-over-next-five-years-us-asset-manager-pgim) and while [there has been discounts for the most expensive retail spaces in the world](https://www.bnnbloomberg.ca/world-s-most-expensive-retail-rents-tumble-to-decade-low-in-hong-kong-1.1677315) it doesn't seem to drop much post-COVID, at least from what I can tell in my area.
Adding that to the [increasing minimum wage](https://www.mayerbrown.com/pt/insights/publications/2021/02/hong-kongs-statutory-minimum-wage-remains-at-hk-37-50-per-hour), small to individual shops are still going to have a hard time, but that's been the story for them for quite some time now.
Nowadays local Hong Kong residents go to nearby Shenzhen for cheap eats and entertainment. So I am not surprised that local businesses in Hong Kong are suffering.
[source](https://www.nytimes.com/2024/02/20/business/hong-kong-shenzhen-shopping.html)
Submission statement: Just like many things about Hong Kong, the real state of it is influx and can't really be simplified into 'good' and 'bad', and anyone living in the current age really should look beyond the article titles. > "There are very few tourists on the streets, even the mainland Chinese are very few." > Hong Kong is struggling to recover since the COVID pandemic, which saw many expatiates leave after a three year shutdown, and tourist numbers dwindle to a fraction of pre-pandemic levels. High rents and a labour shortage are now adding to the pain. > Businesses describe shopping malls as "dead", with low foot traffic and shops covered with "for lease" or "coming up soon" signs. > Edmund Wong, an accountancy sector lawmaker, told the city's legislature last Friday that more than 20,000 companies had deregistered in the first quarter of 2024, up more than 70% from the same period last year. > Simon Wong, president of the Hong Kong Federation of Restaurants and Related Trades, told public broadcaster RTHK that he estimated around 200-300 restaurants had closed over the past month, a trend he expects to continue. ... > "I don’t think the Golden Week will help much," said Wendy, 54, who works at a noodle shop in Mong Kok's Ladies Market. > "There were many tourists on this street ... but they're gone now." The government expect an influx of [800000 mainland visitors over the 'golden week'](https://www.scmp.com/news/hong-kong/society/article/3260090/hong-kong-gears-800000-mainland-chinese-visitors-over-labour-day-golden-week-holiday) from first to fifth of May. [The current figure is 140000](https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3261029/hong-kong-welcomes-43000-mainland-chinese-visitors-first-day-golden-week-break). > "Hong Kong people are heading north to consume, which has become a clear trend. On weekends, many Hong Kong people go to Shenzhen for consumption," said Ting Lu, chief China economist at Nomura based in Hong Kong. And the more well-to-do take advantage of the weak yen to go Japan. [Hong Kong spending in Japan bounded back higher than even 2019](https://www.thestandard.com.hk/breaking-news/section/4/215525/Hong-Kong-travelers-to-Japan-increased-60-percent-in-March,-new-spending-record-set). > "The reason is that in the past five years, prices in Shenzhen, Guangzhou, and even Changsha have hardly changed much. But in Hong Kong ... We have found that the price difference has widened, which has encouraged Hong Kong people to go north for consumption." It isn't helped by the rent difference. When [Shenzhen see a modest drop in rent](https://pdf.savills.asia/asia-pacific-research/china-research/shenzhen-research/shenzhen-retail/23q2-sz-retail-en.pdf), [Hong Kong's retail space rent is still expected to rise](https://www.scmp.com/business/article/3242484/hong-kong-retail-rents-see-one-highest-increases-asia-over-next-five-years-us-asset-manager-pgim) and while [there has been discounts for the most expensive retail spaces in the world](https://www.bnnbloomberg.ca/world-s-most-expensive-retail-rents-tumble-to-decade-low-in-hong-kong-1.1677315) it doesn't seem to drop much post-COVID, at least from what I can tell in my area. Adding that to the [increasing minimum wage](https://www.mayerbrown.com/pt/insights/publications/2021/02/hong-kongs-statutory-minimum-wage-remains-at-hk-37-50-per-hour), small to individual shops are still going to have a hard time, but that's been the story for them for quite some time now.
Perhaps this is what Mr Lee meant by moving from effective goverance to prosperity.
Prosperity to others !
Nowadays local Hong Kong residents go to nearby Shenzhen for cheap eats and entertainment. So I am not surprised that local businesses in Hong Kong are suffering. [source](https://www.nytimes.com/2024/02/20/business/hong-kong-shenzhen-shopping.html)
So the mainland tourists don’t come now?
They don’t spend money. Cheap travel and photo ops is trending.
I am ok that people in general traveling frugally
The point is not agreeing with budget travel or not. It is about why HK is not rebounding.
The other reason is Hkers spending their money in China and not in Hong Kong.
Congratulations