As the Lunar New Year fair approaches in Hong Kong, vendors are increasingly concerned about declining sales and are calling for government incentives to support their businesses. Recent reports indicate that 12 stalls failed to attract bids during a three-day auction, highlighting the tough economic climate. Stall prices have plummeted to the lowest levels in 17 years, with the highest bid for a fast food stall dropping 17% from HK$220,000 to HK$182,000. Similarly, wet goods stalls saw an 11% decrease from HK$84,000 to HK$75,000, while regular dry goods stalls experienced a modest increase of 9%, reaching HK$36,000 [0d21505e].
Vendors are bracing for a potential 10-30% drop in business as they prepare for the fair, which is scheduled to take place from January 23 to 29, 2025. Economist Simon Lee Siu-po has raised alarms over the troubling retail figures, emphasizing the need for coordinated government support to help vendors navigate these challenging times [0d21505e].
This situation reflects broader economic concerns that have also affected vendors at events like the Tulsa State Fair in the United States. There, vendors reported significant declines in sales due to rising economic pressures, with many families spending less. Susan McBrien, a long-time funnel cake vendor, shared that the current economic climate has led to a noticeable decrease in consumer spending [9169ce73].
Both the Lunar New Year fair and the Tulsa State Fair illustrate the interconnected challenges faced by vendors globally, as they adapt to changing consumer behaviors and economic conditions. As these events approach, the call for incentives and support becomes increasingly urgent for vendors striving to maintain their livelihoods in a fluctuating market [9169ce73][0d21505e].