Hong Kong Wine Market Facing Worst Slump in Decades
Retail industry facing prospects of 10% layoffs. Restaurants already have retrenched over 6%.
Recent headlines from Vino Joy, Straights Times and South China Morning Post indicated that Hong Kong’s months long protests have already reduced the GDP by over 2%.
Retailers have seen plunging revenues down by over 15%.
Restaurateurs are facing 30% drops in profits.
Wine importers are not immune from this. To date we have seen some major personnel changes, retrenchment and mergers as cashflows have suffered from the same business drops.
With the holiday season upon us, let’s raise a glass and be thankful for friends and family