Hong Kong’s elite had high hopes for mainland tourists, envisioning their return to the “Pearl of the Orient” to rescue the local economy from its weakened state due to the devastating COVID-19 pandemic. They eagerly wished to pry open the mainland government’s doors on epidemic prevention. However, when the mainland gradually lifted its border restrictions in early 2023, what Hong Kong attracted was a group of budget travellers.
Media from certain countries and regions have claimed that mainland tourists are no longer extravagant, and social media platforms like Xiaohongshu are flooded with videos on how to travel in Hong Kong with minimal expenses. The main reasons cited are the “continuing economic downturn” in the mainland of China and the “relatively strong Hong Kong dollar,” leading to significant changes in travel and spending patterns. This narrative seems to align with the public’s perception. In recent years, there have been occasional reports of major real estate developers facing financial issues, financial institutions significantly reducing employee compensation, and high youth unemployment rates in the mainland. These negative news items easily give the impression that the mainland is on the edge of an economic crisis. If even the more affluent groups are struggling, it is only natural to assume that cutting back on overseas travel expenses and tightening belts during holidays would be the “new normal”.
However, a fact that has been overlooked by the majority is that mainland tourists are not engaging in budget travel to Macau! According to data from the Statistics and Census Service of the Macao Special Administrative Region government, the spending level of mainland visitors to Macau in 2023 has exceeded the pre-pandemic level of 2019, reaching 58.2 billion Macao Patacas. In fact, according to a survey by the China Tourism Academy, Macao became the top destination for mainland outbound tourists in the first quarter of 2024, surpassing Hong Kong, which was referred to as the “big brother” by Macao’s Chief Executive Ho Iat Seng. Surprisingly, Hong Kong ranked the seventh. If mainland tourists were being frugal in Hong Kong due to financial constraints, then where did the money they lavished on Macao come from?