By Jonathan Davies

The Hong Kong protests are likely to have cost the city's retailers a collective HK$2bn (£175.7m), according to ANZ Bank.

The protests have taken place during China's Golden Week, a holiday which usually prompts a wave of shoppers from the mainland to Hong Kong.

But the Chinese government suspended travel permits for tour groups visiting Hong Kong as a result of the protests.

On Monday, the Chinese tourism board advised travel companies to suspend tours to Hong Kong until further notice.

Earlier this week, banks decided to close branches in the city temporarily, with retailers of all varieties having to do the same.

Despite the protesters' need to eat and drink, the city's bars and restaurants are also said to be suffering.

"Sales of luxury goods, cosmetic products, and consumer durables are definitely hard hit," Raymond Yeung, senior economist at ANZ wrote in a report.

"However, the top line of convenience stores and supermarkets likely hold up. The launch of a new smartphone also offers some additional support in October. We cannot label domestic consumption as having collapsed."

Thousands of people have taken to the streets of Hong Kong for pro-democracy protests. The city wants full democratic control over who it elects as chief executive. The Chinese government argues that Hong Kong already has more power to elect who it wants than ever before. But under the current system, the candidates are pre-approved by China.

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