Opinion | We all want Taylor Swift but is Hong Kong prepared to compete at any cost?

Reigniting our tourism industry to drive economic growth and enhance our image overseas has become a hot topic of discussion in Hong Kong in recent months.

The industry has historically maintained a high profile because of the visibility of our overseas visitors, and it has been a steadfast economic pillar. In 2019, before the Covid-19 pandemic, it accounted for 3.6 per cent of our economy and made up 6 per cent of employment.

We all want superstar line-ups that improve our international image, boost tourism and bring substantial economic benefits. But we are not in a position to compete at any cost.

It is easy to get carried away by the media hype surrounding the Eras Tour. But we must remember that very few performers or events have such appeal and can generate revenues on such a scale.

Prudent financial planning and acceptable levels of risk and reward are vital, but this is not the case for every economy seeking to host big events. Some are prepared to do it just for the prestige. In Hong Kong’s case, we expect tangible benefits for the community.

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A Messi affair in Hong Kong

A Messi affair in Hong Kong

Event management requires meticulous planning and preparation. There are advantages to be gained from confirming plans at the earliest stage so stakeholders can seamlessly integrate infrastructure development, marketing strategies, hospitality services and local community engagement.

We need world-class marketing campaigns to re-establish Hong Kong’s unique brand and combat the widespread derogatory messaging and fearmongering in international media channels.

We must provide solid reasons for people to choose Hong Kong over Bangkok, Singapore, Seoul or Tokyo. We cannot be complacent in any area or we risk being left behind and our international city status eroded.

Hong Kong must look beyond outdated formulas to thrive

There are plans to launch Hong Kong Fashion Design Week this year, which will be a worthwhile initiative, but is there enough time to create an event that attracts an international audience with A-list celebrities and power players from the fashion world?

We must encourage dialogue and discussion, gather support across society, and enable those responsible to deliver what is needed for Hong Kong to proudly wear the mantle of Asia’s World City.

Bernard Chan is a Hong Kong businessman and former Executive Council convenor