The four-market study, conducted by independent research company Sree Kumar Siddique, has shown that Hong Kong is expected to bring in US$11 billion in retail spending by 2011, compared to Bangkok's $3.5 billion, Seoul's $3.1 billion and Singapore's $2.9 billion.
The key findings saw the four major cities all experiencing significant growth due to an increased of travellers from within the Asia-Pacific region and, most significantly, mainland China.
However, Yuwa Hendrick-Wong, financial advisor to MasterCard International Asia-Pacific has warned Hong Kong against becoming "too Chinese".
"The key is to make sure that Hong Kong stays differentiated from other major Chinese cities," said Hendrick-Wong. "In order to maintain its status, Hong Kong cannot afford to be flooded by mainland visitors, but it certainly needs them in measured doses, added Hendrick-Wong.
Beyond Hong Kong, he said Asia's biggest threat would be a steep decline in tourism. Hendrick-Wong urged the retail and travel industries to work together to help Asian cities maintain retail sales.
Hong Kong still on top as shopping destination in AP
Despite a protracted spell of deflation, Hong Kong has emerged at the top of a tourist spending survey comissioned by MasterCard.