Monday, 10 February 2014

HK Drops in Fashionable Ratings

Apparently Hong Kong's not so stylish anymore compared to Shanghai...
Say it isn't so! Apparently Shanghai has overstepped Hong Kong in becoming Asia's most fashionable.

Hong Kong had been top dog regionally for the past five years, but now according to a survey by US-based Global Language Monitor, it has dropped eight spots to 20th in teh world, the sharpest fall of the top 20 cities.

Shanghai is now 10th in the world, followed by Tokyo in 11th spot, and Singapore at 18th. New York took the global top spot over London.

GLM measures fashion trends by tracking print, electronic and social media for top words and phrases. It has been doing these rankings annually since 2004.

While the report says Hong Kong was "still a strong global presence", 2011 research from McKinsey says China is expected to account for 20 percent or 180 billion yuan in global luxury sales next year.

Legislator Michael Tien Puk-sun, founder of G2000 clothing chain says there aren't many opportunities for local fashion designers because of exorbitant rents. He added fashion retailers were losing out to shops selling watches and jewellery.

Perhaps the real reason is that mainlanders come to Hong Kong and snap up all the designer luxury brands here to wear back in China because us locals can't afford them!

But what's interesting to note -- a tip from YTSL -- that although Hong Kong had a record 48.6 million visitors in 2012, a 16 percent increase from the year before, tourism only accounts for less than 5 percent of the city's GDP.

Is this why the Leung Chun-ying administration believes Hong Kong has a greater capacity to take in even more tourists?

On the other hand we wonder what makes up 95 percent of Hong Kong's GDP...

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