SCMP Highlights Restaurant Boost from Hong Kong Stock Market Surge

Saturday, 5 October 2024, 05:48

SCMP reports a significant boost for Hong Kong's restaurants as the stock market surges during Golden Week. Business has increased notably due to rising consumer spending and strategic hotel pricing adjustments. Industry leaders highlight the impact of the Hang Seng Index and an uptick in tourism, leading to favorable conditions for eateries.

Hong Kong Restaurants Thrive Amid Stock Market Surge

Hong Kong's recent stock market surge has provided a major boost to the local restaurant scene, driven by rising consumer confidence during the popular Golden Week holiday.

Market Influence on Dining

The Hang Seng Index saw an impressive rise of 10.2% earlier this week, following a record 13% gain the previous week. This surge is attributed to Beijing's aggressive stimulus package aimed at revitalizing the mainland China economy.

Industry Perspectives

Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, revised his business estimates, projecting earnings of HK$300 million during the holiday.
Discounts and promotional offers at restaurants have attracted both visitors and locals, encouraging spending in the city.
The average daily arrival of mainland tourists during the Golden Week peaked at 212,040.

Hotel Trends

Hotels are adapting to new booking trends, opting for stable pricing to appeal to increasingly spontaneous travelers.

Timothy Chui Ting-pong from the Hong Kong Tourism Association noted full occupancy rates at smaller hotels.
Visitors are increasingly making last-minute bookings, reflecting a shift in travel behavior.
Perry Yiu Pak-leung, a tourism lawmaker, reported that room tariffs are about 10% lower compared to last year.

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.