Purchase of luxury goods by mainland visitors in Hong Kong is set to fall at least 10 percent from a year ago during this week’s holiday Golden Week. The eight-day Golden Week national holiday, a shopping and travel season for Chinese consumers, began on Sept. 30. Shoppers are pulling back amid a slump in exports and a contraction in manufacturing in the world’s second largest economy.
Some Chinese shoppers are hunting for bargains in Europe instead of Hong Kong as the euro has fallen about 2.5 percent against the yuan over the past twelve months.
http://www.bloomberg.com/news/2012-10-04/hong-kong-luxury-sales-fall-as-chinese-shoppers-spend-less-1-.html
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