Consumer products driven by the tourist industry
what
- Hong Kong’s dynamic retail market makes it a key destination for launching or expanding brands in Asia.
- Hong Kong has a strong history of inbound tourism, especially from mainland China. With tourism recovering follow the opening of the border, the city is projected to have received 46 million visitors in 2024, which once again creates opportunities for companies in F&B, tourism, leisure, and especially retail. Luxury and major high-street brands looking to base themselves in the core shopping districts will be in prime position to benefit from this demand
- Hong Kong consumers have a passion for quality products. The city has over 63,000 retail outlets and over 28,000 F&B establishments, enabling consumers to enjoy products and good food from all over the world
How
- The retail sector in Hong Kong witnessed a period of recovery in 2023. Hong Kong retail sales rose 16.2% year-on-year to SEK584 billion in 2023, returning to 84% of the pre-pandemic levels in the same period of 2018 or 94% of 2019
- Tourist remains a key driver of Hong Kong’s retail market. Total number of visitors is projected at 46 million in 2024, returning to 82% of the same period in 2018 when visitor arrivals reached the highest level in the last 20 years.
- Significant opportunities: Exist for eco-friendly products and services, as well as products for middle-aged and silver-haired customers
Contact us
For more information contact Johan Thurée at johan.thuree@business-sweden.se.