Hong Kong sees 3 million residents travel abroad during Lunar New Year, impacting local spending

Over 3 million Hong Kong residents traveled abroad during the recent 8-day Lunar New Year holiday, a significant increase that may negatively impact local consumption. The number of people entering and exiting Hong Kong rose slightly, but outbound travel by residents surged by nearly 22%. This resulted in a net outflow of 520,000 Hong Kong residents, contrasting with a net inflow last year. An economist criticized the focus on mainland tourists, suggesting businesses and the government neglect local spending, leading to a "double loss" situation for Hong Kong's economy.