Retail value sales of luxury goods in Hong Kong rose by 12% in 2023 in current terms, to amount to HKD124.7 billion, exceeding the pre-pandemic level of sales.
Hong Kong’s strategic location, strong economy, favourable tax policies, and reputation as a shopping destination have attracted luxury brands and affluent shoppers from around the globe for many years. The market saw rising value sales during the last year of the review period, despite headwinds caused by the cost-of-living crisis, inflation, and the war in Ukraine.
Luxury goods remains highly competitive. With many consumers thinking twice before buying, luxury players are putting value creation at the forefront of innovation, ensuring that that the products and services they sell are attractive to consumers.
Luxury retail is currently undergoing changes, with digitalisation changing where consumers shop and how they engage with luxury brands and retailers. As a result of this, online shopping is becoming more significant within the luxury sphere, with retailers having to adapt their experiences to attract consumers’ attention.
A rosy future is predicted for luxury goods, with pent-up demand that built up during the pandemic looking set to be released, leading consumers to buy high-end luxury goods during the forecast period. Retail sales of luxury goods in Hong Kong look likely to rise at a CAGR of 7% in current value terms (4% constant 2023 value CAGR) over the forecast period to stand at HKD171.
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!