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Hong Kong economy
Hong KongHong Kong economy

Deep Hong Kong discounts for Singles’ Day shopping event as businesses aim to boost takings in sluggish economy

  • Businesses from malls to an airline sign up for shopping extravaganza, billed as the world’s biggest
  • But business academic Terence Chong warns that Singles’ Day sales will not boost profits of retailers if people opt to buy from mainland Chinese merchants online

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Many of the promotions are available through online and offline sales channels. Photo: Elson LI
Oscar Liu
Hong Kong businesses ranging from a major online retailer to an airline will capitalise on the world’s largest online shopping extravaganza on Saturday with deep discounts to boost sales in the city’s sluggish economic environment.
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Many of the merchants signed up for the annual Singles’ Day sales push for the first time and other retailers have branded their special offers as “11.11” promotions, with major marketing efforts across social media platforms.

Some economists said competition for customers had already heated up, as had spending in the wake of a flood of offers.

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But Terence Chong Tai-leung, the executive director of Chinese University’s Lau Chor Tak Institute of Global Economics and Finance, said Singles’ Day sales would not boost the profits of Hong Kong retailers if people opted to buy from mainland Chinese merchants online.

Terence Chong, the executive director of the Institute of Global Economics and Finance at Chinese University, predicts Singles’ Day may not be as successful as hoped. Photo: May Tse
Terence Chong, the executive director of the Institute of Global Economics and Finance at Chinese University, predicts Singles’ Day may not be as successful as hoped. Photo: May Tse
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