Mega-events drive HK$5.8 billion visitor spend in first half of year: Paul Chan

By the first half of 2023, visitors to major events in Hong Kong had spent a total of HK$5.8 billion (approximately $739 million) on average per person, according to Financial Secretary Paul Chan Mo-po. Over 1.75 million attendees took part in more than 130 events held from January to June. These activities contributed an estimated HK$3.3 billion to the city's economy.

Chan acknowledged that major events continue to drive visitor traffic, citing the Hong Kong Football Festival and the Audi Football Summit, which attracted over 120,000 attendees and generated more than HK$180 million in ticket sales. Additional events planned for the latter half of the year, such as the Food Expo, National Day fireworks, Hong Kong Cyclothon, and Wine and Dine Festival, are expected to draw more than 1.85 million visitors and generate HK$5.9 billion in spending, amounting to HK$3.3 billion in economic value added.

Chan emphasized Hong Kong's potential as an event capital, highlighting its unique blend of culture, arts, sports, and lifestyle experiences. He also pointed to a 22% year-on-year revenue surge for the Hong Kong Palace Museum and M+, driven by rentals and merchandise sales. However, some economists cautioned that while mega-events can temporarily boost local spending, their long-term economic impact may be limited.

Analysts suggested that the benefits of hosting such events should be weighed against the costs and that efforts should be made to create a sustainable, self-supporting ecosystem for the event sector.