Author: Trust Handwriting
The local consumption market in Hong Kong remains weak, with retail sales plunging by 9.7% year-on-year in December last year, seemingly indicating limited effectiveness of the "one sign, multiple lines" strategy. Legislative Councilor Tian Beichen frankly admitted that relying on tourists to rescue the local retail industry is like living in a dream. In fact, before the peak of individual travel in 2019, nearly 35% of Hong Kong's retail sales were contributed by tourists, but this figure has dropped below 20% in recent years and is unlikely to rebound in the short term. The problem lies in the insufficient contribution of tourists, as well as the lackluster prospects in industries such as finance, real estate, and trade. If we add the vicious cycle effect caused by the freeze and reduction of civil servants' salaries, the retail industry is likely to face a nightmare.
01 'One signature, multiple lines' Wang Ding does not prosper financially.
According to the latest statistics released by the Census and Statistics Department, the retail sales of the local retail industry in December last year amounted to 32.8 billion yuan, a year-on-year decrease of 9.7%, marking the tenth consecutive month of decline. For comparison, last year