Top Asian shopping capital
Business Times : Hong Kong will retain its position as Asia's top shopping capital with tourists tipped to spend at least US$11 billion in the territory by 2011, up from over US$6 billion in 2006, a MasterCard survey showed on Wednesday.
In second place is Bangkok with shopping slated to hit US$3.5 billion in six years' time from above US$2 billion in 2006, followed by Seoul with US$3.1 billion, also from over US$2 billion currently, the global payments firm said.
Singapore takes fourth spot with tourist spending estimated to reach US$2.9 billion by 2011 from around US$2 billion in 2006.
'Shopping spend in the four cities is expected to increase by 8 per cent per year between 2006 and 2011,' MasterCard said.
Hong Kong, with its close proximity to China, is a favoured destination for mainland tourists and is seen as a gateway to the rest of Asia.
'Hong Kong is already repositioning to capitalise on the growing Chinese arrivals market, securing the...