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, especially from mainland China, tourism. There is clear anticipation it will return. The influx following the reopening of the border will create major benefits for 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 HKD407 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 exceeding 34 million in 2023, returning to 52% of the same period in 2018 when visitor arrivals reached the highest level in the last 20 years.
- Opportunities: Eco-friendly products and services, products for middle-aged and silver-haired customers
call to action
Please contact johan.thuree@business-sweden.se to learn more.