Retail value sales of luxury goods in Hong Kong are set to rise by 8% in current terms in 2024, to amount to HKD144.9 billion.
The key trends characterising the luxury goods market in Hong Kong at the end of the review period are largely being shaped by the preferences and tendencies of younger demographics, as luxury brands look to secure their futures by adapting to evolving demand trends. A notable development in the character of demand is the ongoing shift from spending on possessions to spending on experiences amongst younger consumers.
The luxury goods market in Hong Kong remains highly competitive. Moreover, luxury players are facing a number of distinctive challenges.
The ongoing digitalisation of all areas of consumers’ lives is continuing to exert a profound influence on the development of retailing in the luxury goods market. The luxury goods market has been relatively resistant to the process of digitalisation in retailing due to consumers’ preference to experience many products first-hand before making a purchase because of both the high prices involved and the importance of aesthetic qualities in many product categories.
Retail value sales of luxury goods are forecast to rise at a CAGR of 6% in current terms (3% 2024 constant value CAGR) over 2024-2029 to stand at HKD190 billion. The further recovery of Hong Kong’s tourism industry will play a key role in the expansion of the luxury goods market over the forecast period, especially the increase in the number of travellers visiting from China.
Delivery:
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Hong Kong, China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Luxury Goods industry in Hong Kong, China, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!