Hong Kong, China: Consumer Profile

August 2023

Expanding population, ageing, migration, and generational shifts shape Hong Kong’s demographic landscape. Economic turbulences influence consumers’ consumption patterns with more people having negative outlook. The number of seniors is projected to witness a substantial increase by 2040, while life expectancy grows, and birth rates drop. Generation X is set to become the largest generational cohort, notably shaping consumer preferences.

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Overview:

Consumer Profiles  reports  provide key insights into the country's consumer landscape and uncover related business opportunities in 40 countries.

The Consumer Profiles offer valuable statistics and insights into key consumer indicators, linking household size, age, income, and spending patterns to behavioral trends and consumption habits. Utilizing a wide range of socioeconomic data, these reports quantify behaviors, preferences, and motivations both presently and forecasted across 40 markets. Analysis also encompasses Euromonitor’s lifestyles survey results, alongside the examination of longer-term shifts in consumer attitudes and behavior, analyzing their impact within each of the 40 countries. Consumer profiles are constantly changing, influenced by both socioeconomic factors and behavioral changes. Understanding these shifts is imperative for businesses to maintain competitiveness and adapt in order to capitalize on emerging opportunities.

The Consumer Profiles in Hong Kong, China report includes:

A high-level analysis of socioeconomic data, including insights on demographics, income and expenditure, households, and consumer lifestyles backed by both in-house statistics and survey data. It also provides a concise compilation of socioeconomic data, offering a snapshot of the consumer landscape today (2022) and in the future (2040). The report is also illustrated with relevant and actionable case studies

The Consumer Profiles in Hong Kong, China report answers:

  • How consumers in Hong Kong, China are changing? 
  • What are key changes in Hong Kong, China population, society and generational structure and how it is affecting businesses?
  • What is the household structure in Hong Kong, China and how it is changing consumer landscape?
  • What are key income groups in Hong Kong, China? What is the outlook for the future?
  • Where consumers are  spending the money in Hong Kong, China? 
  • How is the consumer mindset in Hong Kong, China changing?
  • In Hong Kong, China, what are consumer attitudes towards “green” and sustainable products?
  • Where and how do consumers shop in Hong Kong, China?
Download Table of Contents
Scope
Key drivers affecting consumers in Hong Kong in 2022
How developments today shape consumer of tomorrow
Key findings
Today 2022: Baby Boomers constitute the largest population cohort in Hong Kong
Today: Hong Kong continues to attract migrants looking for better economic prospects
Hong Kong’s consumers like to try new products and services
Tomorrow 2040: Increased longevity and declining birth rate boost older cohort
Tomorrow : Generation X (61-75 years old) to be the largest population cohort by 2040
Areas of opportunity
Case study: Japanese drugstore Matsumoto Kiyoshi enters Hong Kong in 2022
Today 2022: Household size is lower compared to Asia Pacific average
Hong Kongers live in relatively small dwellings due to lack of space and high prices
Consumers prefer living in proximity to the city's exceptional public transport system
Tomorrow 2040: Fewer families with children, more single people in Hong Kong
Over half of households to be led by 60+ decision-makers by 2040
Hong Kong stands among top 20 smart cities globally, fuelling demand for digital devices
Areas of opportunity
Case study: Toys”R”Us introduces new store concept to enhance shopping experience
Today 2022: Income inequality remains the highest in Asia Pacific
Hong Kong raises minimum wage amid increasing prices
Younger cohorts in Hong Kong plan to save more
Tomorrow 2040: Social class E, the lowest income class, to remain prevalent by 2040
Tomorrow 2040: Per capita incomes to remain the highest in the region
Areas of opportunity
Case study: The government increases welfare subsidies for economically vulnerable groups
Key findings consumer survey
Hong Kongers expect more activities to shift in-person
Positive outlook for the future deteriorated compared to last year
Consumers looking for ways to manage their budgets
Flexibility around employment is expected, yet high salary remains a priority
More than a half of Hong Kongers are worried about climate change
Areas of opportunity
Case study: L’Oréal enters joint incentive to recycle beauty product packaging
Key takeaways
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