Hong Kong consumption vouchers have ‘more psychological than real’ impact on boosting spending
SCMP, 22 Feb 2023
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The impact of a fresh round of HK$5,000 (US$638) consumption voucher unveiled in the government budget on February 22, 2023, would be “more psychological than real”, according to Regina Ip Lau Suk-yee, convenor of the Hong Kong Executive Council. On the business side, entertainment tycoon Allan Zeman said that the effect of the voucher scheme to the hospitality industry would be less than in previous schemes, as he expects more local residents to spend them overseas since the lifting of Covid-19 restrictions.
Responding to the proposal in the latest government budget to introduce a special betting duty on the Hong Kong Jockey Club, Ip said the move would provide a new source of government revenue without affecting punters. Instead, she said it would force the Jockey Club, which has a monopoly on the gambling industry in the city, to perform better.
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The impact of a fresh round of HK$5,000 (US$638) consumption voucher unveiled in the government budget on February 22, 2023, would be “more psychological than real”, according to Regina Ip Lau Suk-yee, convenor of the Hong Kong Executive Council. On the business side, entertainment tycoon Allan Zeman said that the effect of the voucher scheme to the hospitality industry would be less than in previous schemes, as he expects more local residents to spend them overseas since the lifting of Covid-19 restrictions.
Responding to the proposal in the latest government budget to introduce a special betting duty on the Hong Kong Jockey Club, Ip said the move would provide a new source of government revenue without affecting punters. Instead, she said it would force the Jockey Club, which has a monopoly on the gambling industry in the city, to perform better.
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