Editorial | Challenges ahead for Hong Kong businesses after surge during golden week
City hotels, restaurants and retailers may have enjoyed the National Day holiday, but they need more than seasonal booms to survive
With many local and mainland businesses still struggling during sweeping economic restructuring, the gloom and doom preceding the “golden week” celebrating National Day was to be expected. Thankfully, it seems the holiday still benefited some sectors, but maybe not as much as before.
While the outlook remains cautiously optimistic, a lot more needs to be done if the city is to face the challenging times ahead.
Nearly 1 million mainland visitors crossed the border in the first five days of the week-long autumn break, up 35 per cent from the same period last year. The figures defy previous survey findings that the city is no longer a top travel spot for mainlanders.
A hotel group recorded a 1 per cent rise in occupancy to 97 per cent and 94 per cent at its two premises during the period, with room rates 10 per cent cheaper than last year. Separately, some restaurants are said to have enjoyed a 10-15 per cent increase in takings, thanks to various promotion drives by the government and business sectors.
Robust inbound and outbound travel figures were also recorded on the mainland. Cinema box office receipts reportedly rose 15 per cent on the first day from last year to 494 million yuan (HK$544 million), only to surpass 1 billion yuan on the third day.
