Luxury foodservice is expected to record dynamic growth in 2021, backed by a strong local consumer base, which will return to outlets as normal social and economic activity starts to resume as the threat from COVID-19 wanes and the vaccination programme is rolled out. Many local consumers will be keen to satisfy pent-up desire for luxury experiences, with luxury foodservice a perfect experiential treat after the difficult few years experienced by many Hong Kongers.
Previously the largest player in luxury foodservice in Hong Kong, Giorgio Armani has closed its Armani outlets locally, thought to be due to the civil unrest and the COVID-19 pandemic. Underlining the challenges faced by foodservice in the market, outside the luxury segment, Jamie Oliver’s and Gordon Ramsay’s restaurants in Hong Kong also announced closures in 2020 as the COVID-19 pandemic exacerbated the problems resulting from the civil unrest that was seen in 2019.
With consumers reluctant to visit foodservice outlets in 2020 because of concerns about viral transmission and increased budget-consciousness, luxury foodservice players were introducing price promotions in order to stimulate demand and remain competitive. Cova, located in Harbour City, Tsim Sha Tsui, launched a takeaway promotion offering a 35% discount on takeaways ordered after 17.
During the forecast period, luxury foodservice players will face intense competition for the attention and loyalty of customers in what remains a niche category in the Hong Kong market. While luxury foodservice is set to see year-on-year growth over the forecast period as the immediate threat from COVID-19 wanes, the category is not expected to reach the level of sales seen prior to the social unrest and pandemic by the end of the 2021-2026 period.
The experience of the COVID-19 pandemic is expected to accelerate the digital transformation of the luxury foodservice category. Ordering deliveries through smartphones has become more prevalent, for example.
In looking to recover in a challenging environment, luxury foodservice players face the considerable issue of competition from non-luxury foodservice rivals. An international city, Hong Kong has a very high density of restaurants.
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Understand the latest market trends and future growth opportunities for the Luxury Foodservice industry in Hong Kong, China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Includes luxury chained cafés/bars and chained full-service restaurants (outlets) and their corresponding sales. Chained foodservice outlets are considered luxury only if they are owned by International Luxury and Fashion houses.See All of Our Definitions
This report originates from Passport, our Luxury Foodservice research and analysis database.
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