The Chinese University of Hong Kong released research results on Hong Kong residents' northward consumption on the 19th. Scholars from the school pointed out that the consumption area of Hong Kong people in mainland China has expanded from the traditional Guangdong Hong Kong Macao Greater Bay Area to central and western cities, indicating that the cross-border consumption market is becoming increasingly integrated. Song Zheng, Professor of Economics and Head of the Department of Economics at The Chinese University of Hong Kong, and his research team found through analysis of data from the Hong Kong Census and Statistics Department and Alipay HK that Hong Kong people's consumption in mainland China has shown a significant diffusion trend, extending from the traditional Guangdong Hong Kong Macao Greater Bay Area to central and western cities such as Chongqing and Changsha. This change in the geographical distribution of consumption confirms the increasingly integrated cross-border consumer market. Song Zheng pointed out that analyzing the Alipay HK data model shows that Hong Kong people exhibit differentiated consumption characteristics in mainland China and Hong Kong: in mainland China, consumption is dominated by lifestyle services, including health and beauty, massage, and other personal services, while in Hong Kong, it is more concentrated in the retail and dining fields. Research shows that the number of Hong Kong residents traveling to the mainland will return to pre pandemic levels by 2024, and the proportion of Hong Kong residents' consumption to total consumption remains similar before and after the pandemic, indicating that northward consumption has not weakened their local consumption demand. Song Zheng believes that the "Hong Kong people's northward consumption trend" is not a new phenomenon that emerged after the epidemic, but a return to the pre epidemic state. Alipay CEO Li Yongshi stated that digital services are becoming an accelerator for the integration of the Greater Bay Area, promoting seamless connection between the flow of people, funds, and the living circle in the Greater Bay Area. (New Society)