Luxury goods in 2024: The big picture
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.
2024 key trends
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.
Competitive landscape
The luxury goods market in Hong Kong remains highly competitive. Moreover, luxury players are facing a number of distinctive challenges.
Retailing developments
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.
What next for luxury goods?
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.
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Overview:
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:
- Experiential Luxury
- Luxury Hotels
- Fine Wines/Champagne
- Premium and Luxury Cars
- Personal Luxury
- Designer Apparel and Footwear
- Luxury Eyewear
- Luxury Jewellery
- Luxury Leather Goods
- Luxury Portable Consumer Electronics
- Luxury Timepieces
- Luxury Writing Instruments and Stationery
- Super Premium Beauty and Personal Care
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.
The Luxury Goods 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 Luxury Goods in Hong Kong, China?
- Which are the leading brands in Luxury Goods in Hong Kong, China?
- How are products distributed in Luxury Goods in Hong Kong, China?
- How important is tourism in evaluating demand for Luxury Goods in Hong Kong, China?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
- Where is future growth expected to be most dynamic?
Luxury Goods in Hong Kong, China
Luxury goods in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
DISCLAIMER
Experiential Luxury in Hong Kong, China
KEY DATA FINDINGS
Challenges remain despite continued rise in inbound arrivals
Regal Hotels International Holdings regains lead
Growing emphasis on sustainability
Potential opportunities in the ongoing emergence of “bleisure” travel
Luxury hotels to drive growth, while luxury foodservice faces struggle
Long road to full recovery of inbound tourism
Fine Wines/Champagne and Spirits in Hong Kong, China
KEY DATA FINDINGS
Sales finally exceed pre-pandemic levels, while physical stores remain dominant
Fine wines remains the largest subcategory
Moët Hennessy Diageo Hong Kong Ltd retains lead despite share decline
Continued growth supported by changing habits and health trend
Further growth for fine wines
Opportunities in cocktail trend
Premium and Luxury Cars in Hong Kong, China
KEY DATA FINDINGS
Return to growth
Mercedes-Benz significantly closes gap on Tesla
Chinese players looking to build presence in premium EVs
Modest growth expected
Increasing role of digital technologies in brand engagement and sales
Ongoing development of electric segment
Personal Luxury in Hong Kong, China
KEY DATA FINDINGS
Designer apparel and footwear (ready-to-wear)
Luxury eyewear
Luxury jewellery
Luxury leather goods
Luxury wearables
Luxury timepieces
Luxury writing instruments and stationery
Super premium beauty and personal care
Recovery of international tourism to play key role
Targeting younger consumers
Luxury leather goods to see significant expansion
The following categories and subcategories are included:
Luxury Goods
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- Luxury Foodservice
- Luxury Hotels
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- Fine Champagne
- Other Fine Wine
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- Luxury Brandy and Cognac
- Luxury Whiskies
- Other Luxury Spirits
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- Premium and Luxury Cars
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- Men's Designer Apparel
- Women's Designer Apparel
- Designer Childrenswear
- Designer Clothing Accessories and Hosiery
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- Children's Designer Footwear
- Men's Designer Footwear
- Women's Designer Footwear
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- Luxury Spectacle Frames
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- Men's Luxury Sun Glasses
- Women's Luxury Sun Glasses
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- Luxury Costume Jewellery
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- Men's Luxury Fine Jewellery
- Women's Luxury Fine Jewellery
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- Men's Luxury Bags and Small Leather Goods
- Women's Luxury Bags and Small Leather Goods
- Luxury Travel Goods
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- Luxury Wearables Electronics
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- Men's Luxury Timepieces
- Women's Luxury Timepieces
- Luxury Writing Instruments and Stationery
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- Super Premium Colour Cosmetics
- Super Premium Fragrances
- Super Premium Skin Care
- Other Super Premium Beauty and Personal Care
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See all of our definitionsWhy buy this report?
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This report originates from Passport, our Luxury Goods research and analysis database.
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