In the wake of the Covid-19 pandemic, global luxury markets have eagerly awaited a resurgence, and Hong Kong has once again emerged as the leader in per capita expenditure on luxury goods, according to a recent report by London-based market researcher Euromonitor. This development marks a return to prominence for the city, surpassing Switzerland and the UAE in luxury spending.
Hong Kong’s luxury market, particularly in the realm of jewelry, has seen significant post-pandemic growth in the Asia-Pacific (APAC) region. This resurgence coincides with Hong Kong’s increasing popularity among mainland Chinese tourists and its ability to adapt to evolving market trends.
Long recognized as a global luxury hub, Hong Kong’s appeal is rooted in several factors, including its strategic location, robust economy, favorable tax policies, and status as a premier shopping destination. These attributes have consistently attracted affluent shoppers and luxury brands from around the world.
However, the city faced challenges in 2019 due to political unrest, followed by stringent anti-Covid measures in 2020. These events temporarily caused a decline in sales of luxury goods and a loss of its top per capita spender status. Yet, as pandemic restrictions eased in 2022, Hong Kong consumers swiftly rediscovered their passion for luxury items, resulting in a resurgence in sales and a notable increase in per capita spending.
Among various luxury categories, personal luxury items and premium and luxury cars saw the highest sales figures in Hong Kong. The city also experienced remarkable year-on-year growth in the category of experiential luxury, standing out alongside its competitor, Singapore.
In the realm of luxury jewelry, Hong Kong emerged as the leader in the APAC region, with a remarkable growth rate of 25.8% from 2021 to 2022. Additionally, the city maintains its reputation for wearable luxury, boasting the highest demand for luxury timepieces among both men and women, with year-on-year growth rates of 28.1% and 22.2%, respectively, from 2021 to 2022.
According to Euromonitor’s report, Hong Kong is not only projected to regain pre-pandemic levels of luxury sales by mid-2024 but is also expected to maintain its position as the city with the highest per capita spending on luxury goods until 2028.
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