Hong Kong slips one place to fourth most expensive city for luxury spending, Shanghai takes top spot

A Gucci logo is pictured at Galeries Lafayette department store at Friedrichstrasse shopping boulevard, amid the coronavirus disease pandemic during lockdown in Berlin, Germany, on Jan 22, 2021.Hong Kong has slipped one place to become the fourth most expensive city on the planet for luxury goods and services, according to a report released by Swiss private bank Julius Baer on Wednesday .

Shanghai, meanwhile, cemented its place at the top of the table with a 38 per cent increase in hotel prices as mainland China’s domestic tourists numbers expanded 12.8 per cent last year. The annual report, the third by the Zurich-based private banking group, compared the prices of 20 goods and services in 24 major cities. It looked at the prices of whisky, women’s designer handbag and business class flight, among other things.

According to the league table, Asia, led by China, is the most expensive region for high-end spenders while the Americas are becoming more affordable. The current exchange rate of 134.60 yen to the US dollar is 14 per cent lower than at the beginning of the year.

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