PROSPECTS AND OPPORTUNITIES
Future challenges due to rising labour costs and increase in outbound tourism
The outlook for convenience retailers is positive, with predictions for both value sales (at constant 2024 prices) and outlet numbers to rise over the forecast period. However, challenges for the channel remain, with labour costs expected to rise, impacting the cost of operating these outlets convenience stores which may reduce profitability.
Change in payment methods and expanding product ranges to help drive growth
Operators of convenience stores are investing more in digital engagement and integration with apps to appeal to Hong Kong’s modern consumers and drive up sales. For instance, popular Hong Kong payment app PayMe offers discounts and special deals when consumers use this method when purchasing goods.
Shifting consumer spending patterns will be a boon for convenience retailers
Convenience retailers located in popular areas such as Tsim Sha Tsui and Causeway Bay are set to benefit from changes in mainland Chinese tourists’ travel patterns, as consumers are spending less money overall while seeking unique experiences. Transport is even more convenient due to high-speed rail and cross-border buses, which many mainland tourists now choose when travelling to Hong Kong for day trips.
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Overview:
Understand the latest market trends and future growth opportunities for the Convenience Retailers 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.
If you're in the Convenience Retailers 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.
The Convenience Retailers in Hong Kong, China report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Convenience Retailers in Hong Kong, China?
- Which are the leading retailers in Convenience Retailers in Hong Kong, China?
- How is the rise of e-commerce and the expansion of modern grocery retail impacting traditional retail?
- How has the impact of COVID-19 and national lockdown impacted consumer demand?
- Which formats have benefited the most from stockpiling and enforced home seclusion?
- How will the wider economic impact of COVID-19 shape the retail landscape in the future?
- Where is future growth expected to be most dynamic?
Convenience Retailers in Hong Kong, China - Category analysis
KEY DATA FINDINGS
Despite marginal decline amid significant pressures, value sales remain above pre-pandemic levels
7-Eleven and Circle-K maintain overall dominance due to strength in convenience stores
New players enter the market in lieu of other brands exiting
Future challenges due to rising labour costs and increase in outbound tourism
Change in payment methods and expanding product ranges to help drive growth
Shifting consumer spending patterns will be a boon for convenience retailers
Retail in Hong Kong, China - Industry Overview
Retail in 2024: The big picture
Changing consumer behaviour influences spending patterns
E-commerce adoption increases as digital literacy and popularity of channel grows
What next for retail?
Informal retail
Opening hours for physical retail
Seasonality
China National Day (also known as Golden Week)
Chinese New Year (Spring Festival)
Christmas and New Year
DISCLAIMER
The following categories and subcategories are included:
Convenience Retailers
- Convenience Stores
- Forecourt Retailers
Convenience Retailers
The aggregation of convenience stores and forecourt retailers.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Convenience Retailers research and analysis database.
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