The Guangdong-Hong Kong-Macao Greater Bay Area Shopping Festival began on Thursday with a broadly broadcast opening ceremony. (PHOTO PROVIDED TO CHINA DAILY)

The shopping festival serves as a touchstone of consumer preference and product quality for Hong Kong merchants, said Mark Lee, research director at Asia Pacific Institute for Strategy. “By comparing their own products and services with the brands featured in the festival, they can identify their shortfalls and adapt accordingly to consumers’ palates,” he said.

Lee also said that mainland consumers today are discerning. “To make their commodities popular with mainland consumers, Hong Kong merchants have to improve their products and refine their services, to stand out.” As such, the festival expands their vision, market and stage, he said.

He said that Hong Kong’s economy is safe and sound, thanks to the relief measures offered by the government to retailers, and the stimulus package to consumers. “Our purchasing power remains strong as we’re close to full employment, and residents with deep pockets are legion. What we’re lacking is an avenue to flex our buying power,” Lee said.

Source: https://www.chinadailyhk.com/article/236621

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