HONG KONG - Hong Kong's share of tourists from Chinese mainland is predicted to drop to 27 percent in 2020, down from a peak of 42 percent in 2012, according to the brokerage firm CLSA.

A survey CLSA conducted with 400 mainland tourists found that they are attaching greater importance to experiencing foreign cultures and broadening their horizons when choosing holiday destinations, local media reported on Tuesday.

Aaron Fischer, CLSA's regional head of consumer and gaming research, said this partially explained the shift away from Hong Kong, which is primarily viewed as a shopping destination.

"When they travel to these other places, the impressions they're having are quite positive, particularly when it comes to the environment or experience of foreign culture," he said. "For the most part, people are visiting these other countries ... to experience the culture not just shopping."

Fischer also said Hong Kong still has capacity constraints, with occupancy rates in hotels still at a high level despite the economic slowdown. He also identified a lack of new attractions and widely reported tensions between some locals and mainland tourists as other obstacles the city was facing.