RETAIL | Staff Reporter, Hong Kong

Retail sales now more driven by local consumption than tourist spending

The share of local expenditure in total sales reached 67% in 1H16.

According to Colliers, Hong Kong's total retail sales have been suffering ever since mainland tourist arrivals in Hong Kong started weakening in 2014. However, the retail landscape has been shifting from expenditure by tourists to expenditure by local people. The share of local consumption in total retail sales has increased from 58% in 2014 to 67% in H1 2016; this is the same proportion as in 2012.

Here's more from Colliers:

As the retail industry refocuses on local customers and millennial shoppers, Hong Kong's shopping centres have been revamping their tenant mix and bringing in new brands and concepts. The following five categories have been gaining market share:

> Creative food and beverages (F&B)

> Sports and lifestyle

> New skin care and cosmetics

> Modern living

> Retail-tainment

Retail-tainment refers to the latest form of "immersion shopping", in which not only sound, ambience, emotion and activity, but also the latest virtual reality and augmented reality technology are utilised to get customers interested in the merchandise and in the mood to buy.

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