HONG KONG - It was the second day of Golden Week, usually one of Hong Kong's busiest shopping periods, and Matthew Tam and his co-workers at a jewellery store were looking as lonely as a band of Maytag repairmen, surrounded by display cases of luxury watches with nary a customer in sight.
During China's Golden Week holiday, which started on Oct 1, lines for rides at Disneyland were refreshingly short. Malls normally thronged with shoppers were closed for several days. And some of the city's priciest restaurants, rattled by empty tables, were offering deep discounts. "Emergency ordinances, face-mask bans and curfews are not the best way to restore business confidence," Joseph said.
The numbers are stark. Hotel occupancy rates are roughly 60 per cent, down from 91 per cent earlier this year. Retail sales dipped by 23 per cent in August, the steepest decline on record. Many economists believe the city's economy is slipping into recession. There have been some reports of layoffs, and a few of the city's ritziest hotels have been forcing employees to take unpaid leaves or have their wages temporarily trimmed.
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