Hong Kong Bars Sit Empty as Residents Make Record 8 Million Trips to China.

Hong Kong is experiencing a decline in its retail and hospitality sectors as residents increasingly travel to mainland China for cheaper shopping and entertainment options. In December, residents made a record 7.7 million departures from Hong Kong to mainland China, the highest number since 1984. The weakening of the yuan has contributed to this trend, as Hong Kongers take advantage of lower prices for items such as hotpot, haircuts, and skiing. The decline in tourism and spending habits, as well as higher costs, have negatively impacted Hong Kong's nightlife and retail sales. [Extracted from the article]