A television screen shows Hong Kong chief executive John Lee delivering his annual policy address in the Legislative Council chamber in Hong Kong on Oct 16, 2024. - AFP
Changes in residents’ lifestyles and a wave of middle-class emigration during the Covid-19 pandemic have dampened local demand. Many residents now prefer to spend their weekends in mainland China, attracted by its lower prices and a wider variety of entertainment options. Visitors from the mainland are also spending less in the city than before.
The government previously told lawmakers that after wine duties were abolished in 2008, imports jumped 80% in a year and the city welcomed hundreds of new wine-related businesses.
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