Cost of goods in Hong Kong rises; Chinese to travel further
Armies of mainland Chinese are invading shopping malls in Hong Kong and other nearby destinations, carrying empty suitcases. But they’re no longer filling them with expensive brand-name bags or wristwatches – these are bargain-hunters heading for popular stores like Zara or H&M or buying Levi jeans, Coach, Polo Ralph Lauren and Burberry.
China is forecast to be the world’s biggest consumer market in three years. But people there are finding that shopping abroad is far cheaper, and with a much wider range of options. As the price of rents pushes up the cost of goods in Hong Kong, it is likely that masses of Chinese will travel further afield in search of shopping bargains.
[pictured: Less Is More, Södermalm, Stockholm; photo by Tuukka Ervasti/ imagebank.sweden.se]