Shopping in Hong Kong - History

History

Hong Kong's culture is very much dominated by consumerism. In the early Colonial Hong Kong period, the territory served as a middleman that sold far more than it consumed. Goods were largely sold via mobile hawker units or independent shops, with the majority of trade, utilities, shipping and manufacturing handled by the Hongs. The establishment of banks and deposit institutions allowed people to accumulate savings, and expand their personal finances.

With significant manufacturing outputs, the economy turned around in the 1960s, setting the mall trends in motion. One of the first recognised modern shopping centres was Ocean Terminal. Daimaru opened the flood gate of Japanese goods to Hong Kong in 1966. Deng Xiaoping's 1978 Open Door Policy also made Hong Kong the definitive gateway to China. The people's mindset then begin to change from buying necessities to buying luxury goods.

Food and clothing supplies were always available for sale, but complex goods did not come about until the arrival of the major brand name franchises. In the 1970s and 1980s, items like air conditioners, fans and refrigerators were popular items that eased the hot climate. Major increases in consumer spending continued, due to the period of explosive economic growth.

In the late 1970s, one of the first modern shopping development was The Landmark in Central above the MTR station. In 1984, Cityplaza in Taikoo Shing was also redeveloped. A large architectural project at the time was also to connect Ocean Centre to the Harbour City shopping mall in Tsim Sha Tsui. The large mall construction movement continued into the 1990s with Pacific Place, Dragon Centre, Time Square, Plaza Hollywood and Festival Walk. Developments also expanded into the New Territories.