Vendors at Hong Kong’s Lunar New Year fair call for more incentives amid retail concerns

Vendors at Hong Kong’s largest Lunar New Year fair have called for measures to bolster interest in the event as worries cloud their sales outlook, with 12 stalls failing to get bids and one insider estimating prices fell to their lowest in 17 years.

The Food and Environmental Hygiene Department earlier this week conducted a three-day auction offering 395 stalls at the fair in Victoria Park, which would be held between January 23 and 29 next year.

The highest price for a 20 square metre (215 sq ft) fast food stall recorded a year-on-year 17 per cent drop from HK$220,000 (US$28,300) to HK$182,000, while 20 square metre wet goods stalls typically selling flowers saw an 11 per cent decrease from HK$84,000 to HK$75,000.

The highest price for regular dry goods stalls measuring 4.5 square metres stood at HK$36,000, marking a 9 per cent increase from last year.

Authorities also introduced larger, 9 square metres dry goods stalls in response to the market, with the most expensive stall rent costing HK$41,000.

Four of 50 such stalls, as well as eight of the 166 regular dry goods stalls, failed to attract bids.