Unleashing Retail Innovation: Discovering The New Edges For Hong Kong
Rosanna Tang • 21/11/2023
Since Hong Kong’s border reopening and the gradual return of mainland China and international travelers, the city's retail landscape has undergone a transformation. The preferences of inbound tourists have shifted from a sole focus on shopping towards a greater emphasis on experiential retail and social media-driven activities. At the same time, the spending habits of Hong Kong locals have been changing, with a recent reverse trend of Hongkongers heading north to neighboring GBA cities for leisure and shopping.
In this report, we examine the trends and statistics surrounding the evolving retail preferences of both tourists and locals, including the growth of e-commerce and the rise of wellness focused offerings. We also explore the outbound spending habits of Hong Kong people and draw insights from mainland China and overseas retail malls to identify growth prospects.
As we navigate this changing retail landscape, our report looks at the opportunities that lie ahead for the Hong Kong retail market, especially around the experiential retail segment, and including cultural and sports elements. We then identify and illustrate successful case studies for market stakeholders to consider. We believe it will require a collaborative effort from retailers, landlords and the government to introduce new retail experiences and to enhance Hong Kong’s competitiveness as “Asia’s World City."
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