After half a decade of breakneck growth, Chinese consumers become more cautious and selective before shelling out cash for expensive items.
Sparkly gems, fancy cars and a parade of upscale stores have made Hong Kong a playground for luxury consumption. The city is largely tax free with goods about 30% cheaper here than in the mainland. But as busy as the streets may seem - the shopping spree is slowing down.
Retail sales in Hong Kong are falling as shoppers think twice. Some say it's China's weakening economy. Others cite Beijing's crackdown on conspicuous consumption after a series of scandals showing extravagant purchases by officials. Or maybe it’s just that Chinese consumers are becoming more selective.