The situation did not turn out as expected! After the gradual easing of border restrictions in response to the COVID-19 pandemic in 2022, Hong Kong’s bustling scene of visitors coming from all directions has dwindled. Instead, its tourism industry has attracted a group of travellers who enjoy exploring Hong Kong on a shoestring budget. The latest statistics show that in 2023, tourist spending in the city was only about 69.8% of pre-pandemic levels in 2019. The decline in tourism revenue has led to numerous reports of restaurant and shop closures, with vacant premises available for rent in every corner of the streets.。
Some media outlets in various countries and regions, as well as political and social organisations in Hong Kong, attribute the slow recovery of the city’s tourism industry after reopening to its long-standing “excessive” dependence on mainland tourists’ spending. With the mainland being the largest source market for Hong Kong’s tourism industry, accounting for nearly 80% of the share, any fluctuations in the mainland economy or significant changes in travel and consumption patterns among mainland tourists pose significant “risks” to Hong Kong. “Superficial evidence” seems to support this argument. In recent years, there have been reports of major real estate developers in mainland facing financial challenges, financial institutions significantly reducing employee compensation, and high youth unemployment rates. Meanwhile, social media platforms like Xiaohongshu are filled with videos promoting zero-budget travel to Hong Kong, easily leading people to believe that the sluggish rebound of Hong Kong’s tourism industry is a result of the “continuous economic downturn” on the mainland.
However, most people overlook a crucial fact: Macao, just across the Pearl River Estuary, also heavily relies on mainland tourists, yet its tourism industry immediately achieved remarkable success after normal traveller clearance has resumed! Data provided by the Statistics and Census Service of the Macao Special Administrative Region government shows that in 2023, tourist spending in Macao surpassed pre-pandemic levels in 2019, reaching 71.3 billion Macao Patacas. If relying on the mainland tourist market is fundamentally and strategically flawed, then why is Macao’s tourism industry able to rejuvenate itself while Hong Kong’s tourism industry continues to stuck in the mud?