The Hong Kong Brands and Products Expo opened on December 14, 2024, at Victoria Park, featuring 420 exhibitors and over 900 booths. This year's expo is particularly significant as it aims to attract bargain hunters with substantial discounts across various products. However, attendees are spending cautiously due to the prevailing economic climate, with visitors like Sally Yu reporting expenditures of about HK$2,000 (US$257) primarily on essentials [4cc2169a].
As vendors prepare for the expo, they are still grappling with the repercussions of declining sales seen at other events, such as the upcoming Lunar New Year fair. Reports indicate that stall prices at the fair have reached their lowest levels in 17 years, with bids for stalls dropping significantly. Vendors are concerned about a potential 10-30% drop in business during the fair, which is scheduled to run from January 23 to 29, 2025 [0d21505e].
Despite the resumption of multi-entry visas for Shenzhen residents, vendors at the expo have reported limited benefits, as most customers are locals. This reflects a broader trend where economic pressures are influencing consumer behavior across various markets, including the recent experiences of vendors at the Tulsa State Fair in the United States, where sales have also declined due to rising costs [9169ce73].
The challenges faced by vendors at both the Hong Kong expo and the Lunar New Year fair underscore the interconnected nature of economic conditions impacting local businesses. As these events unfold, the call for government support and incentives remains critical for vendors striving to maintain their livelihoods in a fluctuating market [4cc2169a][0d21505e][9169ce73].