Retail in Asia

In Markets

HK’s pursuit of luxury defies Western gloom

Despite the gloom in the West and a slowing expansion of China’s economy, free-spending Chinese consumers and wealthy Hong Kong locals craving exclusivity have proven a blessing to retailers looking to buck global woes.

From gadgets decked out in jewels to made-to-order men’s shoes and ladies leather handbags or Rolls Royce cars with monogrammed seats, Hong Kong continues to benefit from the influx of newly rich mainland Chinese searching for authentic goods and lower sales taxes.

High-end shops and boutiques have been seen to help drive the sky-high rents that have forced decades-old shops and restaurants out of business, prompting warnings that the city is selling its identity. Yet the thirst for luxury remains unquenched.
 

(Source: Bangkok Post)