Hong Kong’s Stock Market Surge Fuels Restaurant Growth Amid Golden Week Excitement

Hong Kong's Stock Market Impact on Restaurants

SCMP news reveals that the recent boom in Hong Kong's stock market has positively influenced local restaurants amidst the bustling Golden Week holiday. The Hang Seng Index witnessed a remarkable rise of 10.2 percent, following a notable surge of 13 percent the prior week, making this the largest increase in 26 years after Beijing announced an aggressive stimulus package for the mainland’s sluggish property and stock markets.

Increased Business for Restaurants

According to Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, business forecasts for the food sector have strengthened. With estimates now at HK$300 million, in line with last year’s figures, Wong highlights that diners are more willing to dine out, aided by enticing restaurant discounts that draw in visitors and encourage locals to remain in the city rather than spending across the border.

Hotel Sector Adaptation

• The annual Golden Week runs from October 1 to 7.
• Average daily arrivals of about 212,040 mainland tourists were recorded early in the week.
• Some small and medium-sized hotels are experiencing full occupancy rates.

Timothy Chui Ting-pong, executive director of the Hong Kong Tourism Association, notes that hotels have adjusted to new booking patterns, offering stable room tariffs to attract guests. This is a notable shift, especially with tariffs approximately 10% lower compared to last year, fostering last-minute bookings among tourists.

Trends Among Tourists

Tourism sector lawmaker Perry Yiu Pak-leung points out an emerging trend of spontaneous travel decisions due to enhanced transport connections within the Greater Bay Area. Visitors are now more inclined to make last-minute arrangements as they weigh options based on real-time experiences.