Mega-events drive HK$5.8 billion visitor spend in first half of year: Paul Chan
Hong Kong visitors spent HK$5.8 billion (US$739 million) during major events in the first half of the year, averaging HK$3,314 per traveller, the city’s finance chief said. In his weekly blog on Sunday, Financial Secretary Paul Chan Mo-po said about 1.75 million visitors were drawn to the city’s more than 130 events between January and June, generating around HK$5.8 billion in spending and…
During the first half of the year, visitors to major events in Hong Kong spent a total of HK$5.8 billion (US$739 million), averaging HK$3,314 per person, according to the city's Finance Secretary Paul Chan Mo-po. Approximately 1.75 million individuals attended over 130 events between January and June, contributing HK$3.3 billion to the economy.
Chan emphasized that art, cultural, and mega-events have uplifted the overall atmosphere and stimulated consumer demand, as indicated by the data: retail sales have risen for 14 consecutive months, increasing by 9.6 percent in the first half of the year. The Hong Kong Football Festival and the Audi Football Summit, held in conjunction with the FIFA World Cup, drew over 120,000 attendees collectively and generated more than HK$180 million in ticket sales.
Additional events planned for the second half of the year include the Food Expo, National Day fireworks, the Hong Kong Cyclothon, and the Hong Kong Wine and Dine Festival, which are anticipated to attract more than 1.85 million visitors, generating HK$5.9 billion in spending and HK$3.3 billion in economic value added. Chan expressed optimism about Hong Kong hosting the APEC finance ministers' meeting in October, highlighting the city's potential as an event capital with a rich cultural, artistic, sporting, and lifestyle scene, making it an attractive destination for both residents and visitors.
However, a senior economist from Natixis Corporate and Investment Bank, Gary Ng Cheuk-yan, cautioned that while mega-events can temporarily boost local economies, their contribution is relatively modest. He suggested that such events account for only about 3.2 percent of annual retail sales, and their impact may be temporary and location-specific.
Economist Thomas Yuen Wai-kee pointed out that the economic benefits of mega-events are not evenly distributed, with specific sectors, such as football jersey retailers, reaping the majority of the gains. He stressed the importance of creativity in business to capitalize on the mega-event economy, especially given the declining trend in tourist spending.
Written by urgent.news from South China Morning Post - Hong Kong's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
