Total volume sales of alcoholic drinks saw a solid increase in Hong Kong in 2024, with sales rising across all categories. Growth was seen in both off-trade and on-trade volume terms. Off-trade sales remained dominant, with many consumers preferring to shop offline for alcoholic drinks due to cost considerations and the preference for home drinking amongst many consumers, which has endured even post-pandemic. Meanwhile, on-trade sales saw a stronger increase from a lower base, with the continued return of tourists contributing to growth. In addition, different events drove sales, for instance the 2024 WaterBomb festival targeted the younger beer-drinking population of legal drinking age with local craft beers that were sold at comparatively cheaper prices than the usual market rate.
Beer remained the largest alcoholic drinks category in total volume terms in Hong Kong in 2024, and maintained a solid increase, which given its maturity was impressive. This was fuelled by the gradual recovery of the economy, and increasing demand for craft beer. However, it was spirits which saw the most dynamic growth rate, from an already significant base. This was because in 2024 the Hong Kong government slashed the rate of taxation for liquor that has an alcohol strength of more than 30% by volume from 100% to 10% for spirits priced at more than HKD200. With reductions in prices, the consumer mindset shifted towards immediate consumption of higher-end spirits, rather than purchasing only for collection or speculation.
Carlsberg Brewery Hong Kong Ltd was the leading company within alcoholic drinks overall in 2024, accounting for nearly a quarter of sales, although it saw a share reduction compared with the previous year. Nevertheless, the company led beer, cider/perry, and RTDs, with brands including Carlsberg, Skol and Asahi Super Dry in beer, Somersby in cider/perry, and Smirnoff Ice in RTDs.
Supermarkets remained the leading off-trade distribution channel within alcoholic drinks overall in volume terms in 2024, accounting for a stable share of approaching half of sales, while convenience stores also accounted for a significant share of sales. These channels appeal for convenience reasons, as many consumers like the immediacy of purchasing, and the ability to pick up alcoholic drinks along with their other shopping as they need them. Meanwhile, retail e-commerce also accounted for a double-digit share and continued to see volume sales growth in 2024, as local consumers value its accessibility and the wide range of products available. This, combined with frequent promotions, meant that more consumers chose to utilise this channel as a way of purchasing alcoholic drinks. The dual distribution channels of supermarkets, with a vast network of offline stores and e-commerce platforms, captures the widest possible audience, and means that consumers are able to shop in the way that suits them best.
The off-trade channel continued to dominate alcoholic drinks in 2024, accounting for two-thirds of sales. However, on-trade sales saw stronger growth than off-trade, as local bars and clubs have been seeing slow recovery post-pandemic due to the return of both locals and tourists. The share of the on-trade channel within total volume sales therefore rose by one percentage point in 2024 from the previous year. However, this share was still notably lower than that seen pre-pandemic (2019), and is not expected to return to this level even in the forecast period. A number of on-trade outlets which closed down during the pandemic have not reopened, and some have moved to smaller locations where the rent is more affordable. Meanwhile, the habits of some local consumers have been changed permanently by the pandemic restrictions, and they still prefer to drink at home more often, even though the pandemic is over. In addition, tourists are often spending less on goods and services compared with the pre-COVID-19 period, as well as electing to do day trips rather than spend several nights in Hong Kong.
Total volume sales of alcoholic drinks are set to increase in 2025, and see a low positive CAGR over the forecast period, with increases both on-trade and off-trade. Most categories are expected to see total volume growth, although cider/perry is set to see little movement in volume sales. This category is expected to face challenges in the coming years due to the rise of other no/low alcoholic beverages, with no/low alcoholic beer and RTDs in particular being direct competitors for shelf space, placing them as a direct competitor for cider/perry.
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Alcoholic Drinks
Alcoholic drinks is the aggregation of beer, wine, spirits, cider/perry and RTDs.
See all of our definitionsThis report originates from Passport, our Alcoholic Drinks research and analysis database.
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