Hong Kong people's spending abroad exceeds pre-pandemic level, while visitors' spending has yet to return to normal

Hong Kong people's spending overseas after the pandemic has rebounded rapidly and surpassed 2018 levels, while the spending power of inbound visitors in Hong Kong has yet to recover to its 2018 high. This divergence has further hit local retail sales, while cross-border e-commerce is also accelerating the substitution of local daily consumption.