In Hong Kong, 2023 has seen the emergence of the "three Rs" - Revenge Tourism, Revenge Shopping, and Revenge Business - along with Return (to normalcy).
After the lifting of COVID-19 restrictions, there is a strong sense that people are eager to make up for lost time and by spending on travel and high street retail, and energise business strategies they may have missed out on or held back on for three years.
Revenge Tourism
Revenge Tourism refers to the pent-up desire of people to travel and explore after being restricted from doing so during the pandemic.
With the rollout of vaccines and travel restrictions easing, people are eager to make up for lost time and embark on trips they had to cancel or postpone.
As an indication, in February, the Hong Kong International Airport saw a 24-fold year-on-year increase of passenger handling (2.1 million) and we are seeing Mainland tour groups making a welcome return to the city again.
Revenge Shopping
Revenge Shopping refers to people's desire to splurge on luxury goods and experiences after being financially restrained during the pandemic.
Retailers are expecting a surge in demandm, and many are tailoring their marketing strategies to reach these consumers.
Although high street shops are still faced with pressures leftover from COVID, the returning tourists and the surging number of business events taking place in Hong Kong should help the retail and also hospitality, hotel, and entertainment sectors.
Revenge Business
Revenge Business refers to the entrepreneurial spirit that has emerged during the pandemic, with many people starting new businesses or pivoting their existing ones to adapt to the changing market conditions.
With the pandemic accelerating digital transformation, many businesses are investing in new technologies and strategies to stay competitive.
You Say Reset, We Say Return
Return (or some people use the word 'reset') refers to the idea of taking stock of the lessons learned during the pandemic and using them to create a better future.
Many people are reevaluating their priorities and making changes to their personal and professional lives.
Overall, 3+1 Rs represent both the challenges and opportunities that lie ahead in 2023 and beyond.
Businesses and individuals who are prepared to adapt and innovate will be well-positioned to thrive in this new landscape.
Whether you're in the tourism industry, retail sector, or any other business, we can help you communicate effectively with your target audience and manage your reputation in an increasingly competitive and rapidly changing market.
At Eight PR, a PR agency in Hong Kong, we place a strong emphasis on client service, providing personalized attention, open communication, and a commitment to achieving results.
We believe in developing long-term relationships with our clients and working collaboratively to create strategies that meet their unique needs.
Contact Eight PR today at hello@eightpr.com.