Lunar New Year Fair: Hong Kong Vendors Face 17% Decrease in Auction Prices
Lunar New Year Fair Auction Results
The highest bid for a food stall at Hong Kong's main Lunar New Year fair in January 2024 has decreased by 17% compared to last year, with vendors citing economic struggles.
Details of the Auction
On Tuesday, the Food and Environmental Hygiene Department held an auction for four food stalls and 175 wet goods stalls at Victoria Park. The upcoming fair is scheduled from January 23 to 29 next year. Notably, this year’s highest bid for a food stall dropped to HK$182,000 from last year’s HK$220,000.
- Two food stalls sold for a base price of HK$120,470.
- Vendors report less intense competition.
- Lower bid participation reflects vendors' pessimistic views.
Vendor Insights
Food vendor Jason Ng, who secured the top stall, noted costs were about 10% less than last year. With significant expenses expected, NG plans to offer traditional snacks at competitive prices.
- Deciding on new sales tactics, including potential staff changes.
- Considering unique product offerings to attract customers.
Economic Climate Impact
Other vendors echoed Ng's concerns. Ben Lau, a plum blossom vendor, reported his stall bid dropped to HK$8,000, attributing this to the weak competition and declining demand. Lau's sales strategy includes selling smaller plants to adapt to shifting consumer behavior.
Conclusion:Hui So-hing, of the Food and Environmental Hygiene Department, indicated that current auction prices reflect ongoing market conditions and demand fluctuations.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.