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 Cantonese hinterland while cherry-picking the high-end spenders from the rest of China,' MasterCard said.
Its chief rival Singapore, which boasts international luxury retail shops like the former British colony, is working hard to refine its 'shopping experience' for tourists but lacks the variety and shopping scale of Hong Kong, Bangkok and Seoul, according to MasterCard.
Bangkok's strength lies in its 'unique Thai experience' but relatively poorly developed public transport in the Thai capital is the biggest drawback for tourists, the survey said.
For Seoul, the South Korean capital's strength lies also in its strong national identity but a key weakness is an overdependence on Japanese visitors.
'Because of this single customer mentality, Seoul's shopping experience lacks variety when compared to Hong Kong, for example,' MasterCard said.
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 Cantonese hinterland while cherry-picking the high-end spenders from the rest of China,' MasterCard said.
Its chief rival Singapore, which boasts international luxury retail shops like the former British colony, is working hard to refine its 'shopping experience' for tourists but lacks the variety and shopping scale of Hong Kong, Bangkok and Seoul, according to MasterCard.
Bangkok's strength lies in its 'unique Thai experience' but relatively poorly developed public transport in the Thai capital is the biggest drawback for tourists, the survey said.
For Seoul, the South Korean capital's strength lies also in its strong national identity but a key weakness is an overdependence on Japanese visitors.
'Because of this single customer mentality, Seoul's shopping experience lacks variety when compared to Hong Kong, for example,' MasterCard said.
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