Luxury brands are likely to retreat from Hong Kong as the city is wracked by protests at a time when wealthy Chinese shoppers are staying on the mainland, consultancy Bain said
Luxury brands, which have around 1,000 stores in the Asian shopping hub, are likely to start shutting some permanently, Bain said.
Luxury sales in Hong Kong, which hit a peak of 10 billion euros in 2013, are likely to drop to 6 billion in 2019, Bain said. This would mean the city that once accounted for around 5% of global sales is now closer to 2%. Despite China’s economic slowdown, shoppers are continuing to spend heavily on luxury - but they are increasingly staying at home because of a weaker yuan currency that has blunted their overseas firepower. Meanwhile Beijing has cut import duties and sales tax, eroding the competitive price advantage of foreign destinations like Hong Kong, London and New York.
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