And spending has also been alarmingly reduced.
In the first half of 2016, it has been noted that Hong Kong welcomed 20.4 million Mainland visitors, down 10.6% year-on- year.
According to a research note from Knight Frank, Mainland visitors also reduced their spending in Hong Kong while increasing it abroad.
However, David Ji, Director, Head of Research & Consultancy, Greater China, notes that the threat of terrorism in Europe; the strengthening Japanese yen and South Korean won; and increased political tension between South Korea and China may slow down Mainland tourists’ flow to these areas.
This could benefit Hong Kong’s tourism and retail industries in the coming months.
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