Miserable! 99percent drop in visitors to Hong Kong

category:Finance
 Miserable! 99percent drop in visitors to Hong Kong


According to the data disclosed by the Immigration Department of the Hong Kong Special Administrative Region government, from October 1 to 4, the number of tourists from the mainland to Hong Kong was 93, 154, 186 and 225, totaling 658. Compared with last years national day, the total number of mainland visitors to Hong Kong was about 670000, a drop of 99% year-on-year.

Due to the sharp decrease in the number of tourists coming to Hong Kong, the business of many industries in Hong Kong is bleak, and the National Day golden week in previous years has become a cold winter week. The harbour city of Tsim Sha Tsui is a tourist shopping resort. In the past years, it will be crowded all over other holidays. However, during this years 11 period, almost no one patronized.

According to the above-mentioned citizens, this years epidemic has destroyed the whole golden week. The business of luxury and jewelry stores in the former shopping resorts such as Mong Kok and Causeway Bay has plummeted, many shops have been ignored, and many shops on the street have chosen to close down.

(Hankou Road, Tsim Sha Tsui, photo for Hong Kong people)

(on Haiphong Road, Tsim Sha Tsui, many shops on the street have chosen to close. Photo courtesy of the public)

The Hong Kong government has launched several rounds of anti epidemic fund to stimulate economic development, but the new epidemic situation has been repeated, customs clearance has been delayed, and a large number of small shops relying on tourists have declared bankruptcy.

On September 29, the Hong Kong government announced that the compulsory quarantine order would be extended to December 31, 2020. That is to say, after entering Hong Kong from the mainland, the compulsory quarantine order of 14 days at home or other residence must be compulsory. At the same time, the Hong Kong government pointed out that the extension of the validity period of the relevant regulations does not mean that the restrictions currently imposed under the regulations will remain unchanged until the end of the validity period. Depending on the development of the epidemic situation, the government will tighten or relax or even remove individual restrictions and conditions.

The passenger flow of the commercial street may be only one tenth of the previous one. Our turnover is several hundred Hong Kong dollars a day. If the customs clearance is delayed again, I may choose to close this store, which can no longer be maintained. In Mong Kok business mobile phone accessories a ting told reporters. A month ago, he had closed a small store in Causeway Bay.

It is reported that well-known brands such as Chow Tai Fook, Haihuang porridge shop and Shihui have all announced the temporary closure of some branches, shortening business hours, or allowing employees to take unpaid holidays.

Novel coronavirus pneumonia spokesman said that the tourism industry in Hongkong was in a pause, and the confirmed cases of new crown pneumonia in July were soaring. This has made the tightening of social distance measures further combating local consumption and the business environment of the retail industry has become more severe.

Hong Kongs economy continues to be under pressure

According to the data, the total retail sales value in July decreased by 23.1% compared with the same period of last year, and the total retail sales value in the first eight months of 2020 decreased by 30.2% year-on-year.

A spokesman for the Hong Kong SAR government said that retail sales remained weak in August under the third wave of local epidemic. Although the year-on-year decline was significantly narrowed, it was mainly due to the very low base of comparison.

According to the provisional estimates of the value of goods sold by major categories of retailers, from high to low, this August compared with the same period last year:

Food, alcoholic drinks and tobacco (down 15.7%);

Second was department store goods (down 9.2%);

Clothing (down 29.6%);

Drugs and cosmetics (down 39.8%);

Fuel (- 4.2%);

Books, newspapers, stationery and gifts (down 36.3%);

Footwear, related products and other clothing accessories (down 42.9%);

Traditional Chinese medicine (down 24.9%);

Eyewear stores (- 35.2%).

Looking forward to the future, the spokesman pointed out that the economic situation will continue to be under pressure, the inbound tourism industry is unlikely to recover rapidly in the short term, and the business environment of the retail industry is still difficult.

In addition, Hong Kongs unemployment rate is still high from June to August. According to the latest labor force statistics released by the census and Statistics Department (i.e. the provisional data from June to August 2020), the adjusted unemployment rate in June August 2020 will be 6.1%, and the number of unemployed will reach 248300, an increase of 5800 compared with may to July. The underemployment rate rose to 3.8% and the number of underemployed reached 149000.

According to industry analysis, the unemployment rate of consumption and tourism related industries rose to 10.9% from June to August, the highest level after the severe impact of SARS, while the underemployment rate rose sharply again by 0.9% to 5.9%.

Among them, the unemployment rate and underemployment rate of catering service industry were 14.4% and 8.3% respectively, while those of construction industry were also higher than 11.1% and 8.1%.

At the same time, underemployment has worsened in a number of other sectors, especially in transport, insurance and education.

Commenting on the latest unemployment figures, the Secretary for labour and welfare, Mr Law Chi Kwong, said that the labour market was still severe from June to August 2020. This was due to the fact that the third wave of local epidemics widely interfered with economic activities from July to August. Although the employment protection scheme continued to provide support, the underemployment rate was still on the rise, reaching a high level since SARS. He pointed out that in September, the labour department had raised the upper limit of on-the-job training allowance available to employers under the middle and old age employment scheme, Youth Youth Development Scheme and employment talent exhibition scheme, so as to further encourage employers to employ the elderly, young people and disabled persons aged 60 or above and provide them with on-the-job training so as to stabilize their employment. Looking forward to the future, Luo Zhiguang said, the local epidemic situation began to ease in September, but the global epidemic situation is still rising again and again, the overall economic situation is still weak, and the labor market will still face pressure in the short term. The government has launched the largest relief measures ever, including a series of measures to protect employment and create jobs, to help protect employees employment. Extended reading just opened the market plummeted 60%! Alibaba will buy no more than 10% of the shares of duty-free retailer dufry. Japanese stock market is in a frenzy of speculation. Local bank shares of kan Yiwei economics soared and fell sharply. Source: Securities times.com editor in charge: Yang Qian_ NF4425

He pointed out that in September, the labour department had raised the upper limit of on-the-job training allowance available to employers under the middle and old age employment scheme, Youth Youth Development Scheme and employment talent exhibition scheme, so as to further encourage employers to employ the elderly, young people and disabled persons aged 60 or above and provide them with on-the-job training so as to stabilize their employment.