Jam-packed protests
Empty luxury
stores
Where have all the
shoppers gone? It’s a question that many luxury retail shops in Hong Kong
have been asking of late. Yesterday, on June 4 – the 25th anniversary of the
massacre in Tiananmen Square, the shop owners may have found the answer to that
question by heading out to Victoria Park, where upwards of 180,000+ people
gathered in a candlelight vigil to commemorate the event and raise their concerns
to the world.
As reported in
this SCMP article, the volume of luxury
retail buying in the SAR has fallen off faster than the glass face of a
cheap Shenzhen knock-off watch. The figures are startling. Jewelry and watch
sales plunged by 40% in April. Sales of consumer durables were down by a fifth,
and those of electrical goods and photographic equipment were down by 8.3 per
cent. Financial Secretary John Tsang said: “The drop is the biggest since February
2009. If the decline persists, it could affect the economy and the employment
situation.”
The abrupt change of
fortunes over the past couple of years for the retail sector comes as little
surprise to anyone who has taken note of the dismaying transformation of the
urban landscape into an antiseptic sprawl of shops selling $3,000 hand bags,
$300 jeans, $1,000 shoes and $100,000 watches in order to cater to a single
demographic – the cash-flushed tourist from the Mainland. Now that the parade of
well heeled Chinese has quieted to a peep as a result of the anti-corruption
campaign and the slowdown in the Mainland economy, Hong Kong is left singing the
double whammy blues of under-utilized retail space and a public that feels
disaffected and jilted by its leaders for shunting aside their welfare.
The luxury malls feel like ghost-towns during weekdays, while on weekends,
eyeballs get a lot more action than wallets. Meanwhile, tea shops
and family dinner tables are filled with locals who are increasingly
pissed as hell about it all. It’s a safe bet that no one is going to cry over
the demise of a bunch of Louis Vuitton, Valentino, or Vertu stores.
This year’s
June 4th protest has provided an occasion to reflect on interesting ironies about
China’s development over the past quarter century. Back then, the Beijing
protest was over government suppression of civil liberties in a society where poverty was also a widespread problem. In response to the uprising, the Chinese leadership liberalized the
economy in order to increase the welfare of the country’s citizens, while still keeping thumbs firmly pressed down on personal freedoms. In the ensuing twenty five years, stunning rates of economic growth did much to keep a lid on widespread public protests; people were loath to upset the apple cart while they were able to bake larger and sweeter pies from them. However, the
grotesque wealth inequality - much of it skewed in favor of the families of the bureaucrats who brutally crushed the student gathering - that has resulted from the government's go-go investment policies has been stoking public disgruntlement again.
In essence, suppression of economy liberties caused by an uneven playing field has now become as big an issue as
that of personal liberty.
The record crowds in Hong Kong that showed up to light candles and call out to Beijing and the world harbor a wide variety of concerns. They want to be able to directly choose their leader through free elections in 2017. They want those individuals and public institutions that are in a position to promote social equality to do more than look after themselves. They are outraged that rampant Mainland growth has imported pollution, inflation and scarcity for essentials such as quality healthcare, education, and safe foodstuffs. They want to be able to shop in their neighborhoods for things which they need everyday, rather than window-shop at glittery things they can only imagine owning without busting their budgets. But underlying it all, they want what anyone anywhere would want - fairness and freedom in a place where they have a sense of belonging. It would be sad (and potentially dangerous) to think that it would take another twenty five years to give those basics back to the people. It's not too much to ask for.
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