By my calcs prices should drop by 15% immediately
but as they say dont hold your breath
Of course when there is a price hike prices are raised while the budget is still being read.
LKF has a duty to be a cut above
It didn't take long for the Lan Kwai Fong Group to begin celebrating the announcement of the 50 per cent cut in wine and beer duties.
Yesterday's budget was delivered at 11am, and before 6pm, LKF Group had already sent out a note announcing it was cutting beer prices by 6 to 7 per cent and wine by 10 to 15 per cent from tomorrow. To encourage everyone to toast a few more rounds, its happy hour will be extended through the night on Saturday, too.
In contrast, its competitors are taking a wait-and-see approach.
Igor Group marketing director Linda Kwan suggested: "We'll probably have to do something fairly similar and respond to it fairly quickly."
Meanwhile, Cafe Deco said it might reduce its prices, but it was too soon to comment.
NinetySevenGroup operating director Grant Baird is almost sceptical, noting the law hasn't passed Legco and any reduction would depend on suppliers adjusting their prices. Instead, he hinted that cuts might benefit shops more than wine bars, as our duty will be lower than that on the mainland.
"I think mainland visitors will be happy to pick up wines here."
Clearly, Mr Baird sees his glass as half empty rather than half full.