Hongkongers depart for Lunar New Year, but analysts upbeat on economy
Published: 11:00pm, 27 Jan 2025 More than 800,000 Hongkongers have already left the city two days before the Lunar New Year holiday, with fewer than 400,000 visitors arriving, but the business sector and economists have voiced optimism over the outlook for the Year of the Snake.
Industry leaders and analysts said on Monday they were adamant the resumption of multi-entry visas for Shenzhen residents would drive up this year's tourist numbers and spur economic growth.
Immigration data showed a combined 832,076 residents had left the city on Saturday and Sunday, with only 366,856 arrivals being logged, of which 79.4 per cent were mainland Chinese visitors.
The Lunar New Year break starts on Wednesday in Hong Kong.
Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, said the city's economic environment was showing signs of improvement as people were becoming less cautious about splashing out.
He expected an increase in business of more than 10 per cent compared with the previous Lunar New Year, as residents had been holding reunion dinners over the past few weeks.
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