HONG KONG—The retail world used to cater to Chinese tourists. Mom-and-pop stores in Hong Kong were replaced by vendors offering products Chinese tourists demanded, such as milk powder and medicines. “Chinese tourists coming to Hong Kong are no longer focused on shopping as they used to be before the pandemic," Dickson Concepts, the operating company for Harvey Nichols, said in a regulatory filing. Part of that is related to a weakened Chinese economy that is digging into discretionary budgets, while many Chinese are increasingly shopping at home, Bhatt added. “We think Chinese tourists will really be back by the end of 2024," said Kyle Gendreau, the company’s chief executive.

Source: Wall Street Journal December 17, 2023 06:11 UTC