Hong Kong Losing Status as China’s “Great Mall”

But while it has hung signs promoting a “crazy sale” and payment by instalments in the window, buyers are still scarce. “Our customer flow has dropped 60-70 per cent” since the peak of Chinese luxury spending in 2013, says manager Jacky Sze. “I don’t have much hope for the rest of this year, or next.” Before demand was hit by President Xi Jinping’s corruption crackdown and the economic slowdown, Chinese tourists were happy to spend up to HK$100,000 ($12,890) on a single purchase at Kingdom. Now many customers are reluctant to spend more than HK$1,000 at a time, according to Mr Sze. The jewellery shop next door has closed down after decades of thriving business, as have many other luxury goods stores across Hong Kong, which is losing its status as the great mall of China.