Hong Kong Offers Great Growth Potential

Last year, Hong Kong residents made over 2 million personal trips to destinations outside Guangdong, and spent there a total of HK$9 billion or HK$3380 per person per trip. They represent, respectively, 5 percent by number and 27.5 percent by expenditure of all personal trips to mainland China by Hong Kong residents.

In 2007, Hong Kong residents made 7.8 percent more or 46.8 million personal trips to mainland China, but spending grew faster by 10 percent to HK$32 billion. Around 54 percent of these trips went to Shenzhen and the remaining 40 percent to other cities in the Guangdong. They spent HK$23 billion in the province, or an average of HK$520 per trip per person.

In addition, Hong Kong residents made 23 million business trips to mainland China last year, bringing the grand total of all trips to 70 million. Over 90 percent of these trips were FIT, and industry estimated that number this year will continue rising by 10 percent, as more people in Hong Kong are working on five-days-week.

Over 6,600 overseas companies have set up branches in Hong Kong, majority of them with responsibility for the region which further underlines Hong Kong’s importance as source market of business travelers.

For destinations outside Guangdong and cities in the province other than Shenzhen, Hong Kong thus offers great growth potential, especially transports are getting more convenient and cheaper as there are now more budget direct flights and faster rail services to various cities from Hong Kong and Shenzhen.