Despite the Lunar New Year being synonymous with its decorations, a lot of which involve lots of flora symbolizing good fortune, and luck, it seems that flowers and orchids wholesale in Hong Kong has dropped. Florists all over the city are expecting sales to fall compared to the prior year, with some even guessing that profits are going to drop by 30%.
According to those with insight into the market, the drop in sales was due to the dwindling in the traditional festive blooms, cheaper imported flowers from the mainland, and the increased costs for greenhouses due to the unusually long cold snap that has hit the city.
The purchase of shrubs, flowers and orchids wholesale, usually begins a month before the Lunar New Year comes in. 2018’s LNY begins on the 16th February, with sales expected to hit their peak within the week of the LNY.
Some florists, however, like Sum Kee Yeun’s Manager Bonnie Ng, don’t expect sales to go up much. The shop’s largest products sale within the first week of the February had a value of less than HK$2,000 even though their largest clients were corporate clients, which usually spend a lot in order to acquire potted plants and floral decorations for their offices.
Ng doesn’t expect sales to go up near the Lunar New Year, with overall revenue for the season expected to drop by around 20-30% compared to last year.
Yeung Siu-lung, nicknamed as Hong Kong’s “King of Orchids” due to owning and operating the largest orchid farm in the city, comprised of 10 greenhouses, says that he expects to send back some of the 40,000 pots he had readied for the festive season.
Yeung adds that, even if the revenue for the year somehow stayed the same, his profit would still take a hit because of the recent onslaught of cold weather plaguing of the city.
Since the beginning of 2018, there were about 20 days in Hong Kong where the temperature dropped below 12 degrees Celsius. Yeung says that has increased his costs due to using the heaters in order to a pleasant environment for flowers.