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Opinion | Why Hongkongers should resist Costco FOMO
- Fear of missing out on the latest trend or a great bargain may be motivating Hongkongers to make a beeline for big-box retailers across the border
- However, the wider economic and environmental impact of this style of retailing deserves attention
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What a sight the opening of Costco Shenzhen was: the three-hour lines, the stuffed toys too large even for the humongous shopping trolleys – how they are going to fit into cars and homes, I really don’t know – and the Hermes purses with a HK$200,000 price tag snapped up within minutes.
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Big-box retailers are definitely making a splash in mainland China. And, of course, Costco just made it to a long list of reasons for Hongkongers to head north on weekends.
Whether we are crossing the border for the roast chicken, strawberries or whatever else we can buy in bulk and lug back by whatever means doesn’t really matter. The point is that we are suckers for bargains and something new.
Fear of missing out is alive and kicking. And it’s just one of the reasons big-box retailers are so successful. It’s the fear of missing out on the latest seasonal offerings – the oversized stuffed Lotso bear from the Toy Story series, for example – and the bargains other people can get. You’re invested in the bargain hunting; after all, you’ve paid a membership fee to gain access to the warehouse.
The Lotso and Hermes are a great marketing move. Photos of the gigantic bears being wheeled out caused quite a stir. Why a luxury brand would have its bags sold at a utilitarian warehouse setting is any one’s guess, but it made for a great story.
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Some of those who gave up hours of their time to stand in line – one key opinion leader from Hong Kong reportedly chose to spend the night in Shenzen before the opening – at the store opening said they went for the shopping experience. And, oh boy, it is an experience.
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