Hong Kong Retail Management Association: Retail performance during the National Day Golden Week is stable, and citizens' purchasing power is better than expected.

The eight-day Golden Week holiday in the mainland ended yesterday, with over 1.394 million mainland Chinese tourists visiting Hong Kong. On October 9th, the Chairperson of the Hong Kong Retail Management Association, Annie Shek Yau-yi, stated that sales of gold jewelry and cosmetics recorded a low double-digit growth, and the local retail market in Hong Kong is gradually stabilizing, with consumer spending better than expected. Annie Shek Yau-yi pointed out that many members have reported that the number of Hong Kong residents traveling abroad was less than expected, which has helped overall business. However, there has not been much improvement in the spending power of tourists. Since the reopening, the pattern of tourists visiting Hong Kong has changed, with the main purpose being for in-depth travel, and shopping being just a side activity, leading to continuous weak spending power. In terms of foot traffic, she mentioned that there has been growth in tourist areas, with Tsim Sha Tsui performing the best, followed by Mong Kok and Causeway Bay. Annie Shek Yau-yi said that while there has been a decline in certain categories of local businesses, overall there has been a stable increase. Gold jewelry and cosmetics have been clearly driven by tourists, but she also noted that the rise in gold prices has contributed to this increase, as gold prices are 30-40% higher than last October. Therefore, even if tourists buy the same quantity as last year, the total sales would naturally increase. She also mentioned that the increase in sales of gold jewelry and cosmetics may also be driven by the local market in Hong Kong. Regarding the statement by Hong Kong Financial Secretary Paul Chan Mo-po that the retail market in Hong Kong is gradually stabilizing, Annie Shek Yau-yi agreed. However, she believes that the total temporary sales value of the retail industry in August was not very high, at around 30 billion, which is not lower than last year but still not very high. Additionally, there are many categories within the retail industry, so there may be differences in single-digit increases or decreases.