1. The Revival of Hong Kong’s Retail Industry
Since January 2020, Hong Kong’s economy has suffered a severe setback amidst the COVID-19 pandemic, which has led to a downturn in economic activity and reduced consumption of non-essential goods and services. According to data from the Hong Kong Census and Statistics Department, Hong Kong’s real GDP has dropped from HKD 2865.7 billion in 2019 to HKD 2.7107 billion in 2020, a year-on-
year decrease of approximately 5.4%.
In recent years, Hong Kong’s retail industry has drastically reduced as the number of tourists and consumer spending has shrunk due to social unrest and the impact of the pandemic. Hong Kong’s retail sales dropped from HKD 483.6 billion in FY18/19 to HKD 386.2 billion in FY19/20, and then fell to HKD 332.7 billion in FY20/21, a year-on-year decrease of 20.1% and 13.9%,respectively.