PROSPECTS AND OPPORTUNITIES
Department stores unlikely to see significant growth over forecast period
Flat value growth (at constant 2024 prices) is predicted for department stores in Hong Kong over the forecast period. Despite the return of tourists, changing consumption patterns has led to some mainland visitors and local residents shifting towards experiential and cultural spending rather than traditional shopping habits.
Northbound tourism and other channels will remain challenges for variety stores
The changing consumption patterns in Hong Kong has led to mainland visitors and local residents shifting towards experiential and cultural consumption rather than traditional shopping, as consumers are increasingly valuing the experience over money. This means that variety stores in Hong Kong offers limited dynamic growth potential over the forecast period, especially as popular brands continue to invest in expanding their outlet networks.
Greater variety of Asian snacks and exclusive products to be in stocked in local market
The strong preference for products from Japan among Hong Kong citizens will remain relevant over the forecast period. Although many local consumers like to travel to nearby destinations such as South Korea, Taiwan, and Japan, where they can directly purchase items from these source markets, they are now more accustomed to purchasing Japanese items, including food and other snacks, conveniently in Hong Kong.
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Overview:
Understand the latest market trends and future growth opportunities for the General Merchandise Stores 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 General Merchandise Stores 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 General Merchandise Stores 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 General Merchandise Stores in Hong Kong, China?
- Which are the leading retailers in General Merchandise Stores 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?
General Merchandise Stores in Hong Kong, China - Category analysis
KEY DATA FINDINGS
Department stores continues to see declines as consumers restrict their spending
Variety stores also sees declines despite marginal improvement in tourist numbers
Some major names struggle with store closures
Department stores unlikely to see significant growth over forecast period
Northbound tourism and other channels will remain challenges for variety stores
Greater variety of Asian snacks and exclusive products to be in stocked in local market
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:
General Merchandise Stores
- Department Stores
- Variety Stores
General Merchandise Stores
The aggregation of department stores and variety stores.
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 General Merchandise Stores research and analysis database.
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