Hong Kong's consumer spending to rise amid steady economic growth: financial secretary

HONG KONG, Aug. 3 (Xinhua) -- Steady economic expansion and a brisk financial market will bolster Hong Kong's consumer spending, Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, wrote in his blog on Sunday.

Chan expects total revenue of Hong Kong's eateries in the second quarter of this year, which the HKSAR government will unveil soon, to tick up over the same period last year.

Home prices also warmed up and real estate deals increased markedly from the previous quarter, Chan noted.

Hong Kong's economy expanded 3.1 percent in Q2, the 10th consecutive quarter of growth, with retail sales up 0.3 percent year on year. Solid economic growth will help boost local incomes and consumption, said Chan.

Hong Kong's tourism, retail and catering industries are thinking outside the box to woo residents and visitors, said Chan, noting that the Hong Kong Football Festival 2025, concluded on July 31 and featuring Arsenal, Tottenham Hotspur, Liverpool FC and AC Milan, attracted around 100,000 sports fans. One of the games set a record for the most-attended sports games at the new Kai Tak Stadium.

The HKSAR government will work with the industries to land more mega events and spur consumption, said the financial secretary.