This research studies the impact of shopping tourism on retail sales and rents, using the Covid-19 pandemic as a quasi-experiment. Shopping tourism refers to individuals who travel primarily for shopping purposes, and their spending patterns can have significant effects on the retail sector. The Covid-19 pandemic disrupted global travel and resulted in a decline in shopping tourist arrivals, leading to a downturn in sales for retailers dependent on shopping tourism. Additionally, the decline in shopping tourism affected retail rents, as the reduced demand for retail spaces posed challenges for property owners in attracting tenants. The study focuses on Hong Kong, a prominent shopping destination, which experienced a significant decline in tourist arrivals and retail sales during the pandemic. The research analyzes the relationship between tourist arrivals, retail sales, and rents using time series analysis and identifies the impact of shopping tourism on retail spaces and rents. The findings suggest a positive association between tourist arrivals and retail sales, particularly during the period of shopping tourism growth. However, the pandemic severely reduced this effect, revealing the impact of shopping tourists on the retail sector. The study concludes by discussing the implications on retail resilience and highlighting the need for further research on the impacts of shopping tourists on retail sales and rents.

This study investigates the relationship between housing prices and vacancy rates in Hong Kong, offering insights distinct from previous cross-sectional analyses. Addressing limitations in data availability and methodological approaches, the study examines annual data spanning multiple housing size categories to uncover nuanced dynamics in the housing market. Two major contributions emerge: firstly, the analysis reveals the price elasticity of vacancy, elucidating how housing prices respond to changes in vacancy rates over time. Secondly, by considering housing vacancy changes as outcomes of the interactions between supply and demand, the study challenges the conventional independence assumption between these variables. The results support the hypothesis that housing vacancies exert a negative impact on housing prices, holding other factors constant. These findings have significant implications for policymakers, urban planners, and real estate investors, providing valuable insights for crafting targeted interventions and informing investment decisions.