Retail in Asia

In Markets

A Hong Kong craze cools

The flood of mainland Chinese shoppers coming to Hong Kong to snap up luxury goods, expensive homes, art and wine is slowing.

Earlier this month, the usual flocks of mainland tourists that fill the city during Golden Week, a Chinese holiday period, were conspicuously smaller. Likewise, interest in local art auctions and real estate among mainland consumers flagged in the latest quarter.

In recent years, the number of mainland tourists crossing the border to shop and see sights in Hong Kong has ballooned to more than 28 million a year – quadruple the city’s population. They have given rise to blocks of glittering storefronts filled with luxury retailers eager to cater to such visitors.