Luxury Goods in Hong Kong, China

November 2021
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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

EXECUTIVE SUMMARY

Luxury goods in 2021: The big picture
2021 key trends
Competitive landscape
Retailing developments
What next for luxury goods?

MARKET DATA

Table 1 Sales of Luxury Goods by Category: Value 2016-2021 Table 2 Sales of Luxury Goods by Category: % Value Growth 2016-2021 Table 3 Inbound Receipts for Luxury Goods by Country of Origin: Value 2016-2021 Table 4 NBO Company Shares of Luxury Goods: % Value 2016-2020 Table 5 LBN Brand Shares of Luxury Goods: % Value 2017-2020 Table 6 Distribution of Luxury Goods by Format and Category: % Value 2021 Table 7 Forecast Sales of Luxury Goods by Category: Value 2021-2026 Table 8 Forecast Sales of Luxury Goods by Category: % Value Growth 2021-2026

DISCLAIMER

SOURCES

Summary 1 Research Sources

Experiential Luxury in Hong Kong, China

KEY DATA FINDINGS

2021 DEVELOPMENTS

Local demand recovers as players look to tempt travellers with discounts and offers
Threat from premium foodservice players and hotel groups
Hong Kong has to recover from both COVID-19 and social unrest disruptions

PROSPECTS AND OPPORTUNITIES

Inbound tourists will be an important factor in any full recovery
Constraints on luxury hotels’ recovery
Luxury foodservice faces challenges despite stronger local consumer base

CATEGORY DATA

Table 9 Sales of Experiential Luxury by Category: Value 2016-2021 Table 10 Sales of Experiential Luxury by Category: % Value Growth 2016-2021 Table 11 NBO Company Shares of Experiential Luxury: % Value 2016-2020 Table 12 LBN Brand Shares of Experiential Luxury: % Value 2017-2020 Table 13 Forecast Sales of Experiential Luxury by Category: Value 2021-2026 Table 14 Forecast Sales of Experiential Luxury by Category: % Value Growth 2021-2026

Luxury Foodservice in Hong Kong, China

KEY DATA FINDINGS

2021 DEVELOPMENTS

Luxury foodservice to see a strong rebound in 2021
Armani closures hit luxury foodservice in Hong Kong
Players were using price promotional activity to stimulate demand during the pandemic

PROSPECTS AND OPPORTUNITIES

Strong growth in 2021 but full recovery could take some time
Accelerated digital transformation
Luxury players face wide-ranging competition

CATEGORY DATA

Table 15 Sales in Luxury Foodservice: Value 2016-2021 Table 16 Sales in Luxury Foodservice: % Value Growth 2016-2021 Table 17 NBO Company Shares in Luxury Foodservice: % Value 2016-2020 Table 18 LBN Brand Shares in Luxury Foodservice: % Value 2017-2020 Table 19 Forecast Sales in Luxury Foodservice: Value 2021-2026 Table 20 Forecast Sales in Luxury Foodservice: % Value Growth 2021-2026

Luxury Hotels in Hong Kong, China

KEY DATA FINDINGS

2021 DEVELOPMENTS

Luxury hotels to see only a limited recovery in 2021 with restrictions still in place
Luxury hotels players target local consumers for staycations
Sun Hung Kai Properties leads in an environment seeing strong competition in offering luxurious experiences

PROSPECTS AND OPPORTUNITIES

Stronger recovery expected in 2022
Digital development important for luxury hotel players
Changing business practices pose a significant threat to recovery

CATEGORY DATA

Table 21 Sales in Luxury Hotels: Value 2016-2021 Table 22 Sales in Luxury Hotels: % Value Growth 2016-2021 Table 23 NBO Company Shares in Luxury Hotels: % Value 2016-2020 Table 24 LBN Brand Shares in Luxury Hotels: % Value 2017-2020 Table 25 Forecast Sales in Luxury Hotels: Value 2021-2026 Table 26 Forecast Sales in Luxury Hotels: % Value Growth 2021-2026

Fine Wines/Champagne and Spirits in Hong Kong, China

KEY DATA FINDINGS

2021 DEVELOPMENTS

Local consumption helping to drive a recovery in 2021
Luxury brandy and cognac active in driving brand rejuvenation
Luxury whiskies the most dynamic category in 2021

PROSPECTS AND OPPORTUNITIES

E-commerce share gains to slow down again
Local consumption and lower-priced products to drive recovery
Digital activity has a key role to play

CATEGORY DATA

Table 27 Sales of Fine Wines/Champagne and Spirits by Category: Value 2016-2021 Table 28 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2016-2021 Table 29 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2016-2020 Table 30 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2017-2020 Table 31 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2016-2021 Table 32 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2021-2026 Table 33 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2021-2026

Premium and Luxury Cars in Hong Kong, China

KEY DATA FINDINGS

2021 DEVELOPMENTS

Demand for premium and luxury cars growing again in 2021
Mercedes-Benz continues to lead but Tesla continues to record dynamic growth
Advanced technology and well-established infrastructure drive electric car growth

PROSPECTS AND OPPORTUNITIES

Electric models expected to play important role in recovery
Growing demand for premium and luxury SUVs
Technology convergence becoming the key differentiator

CATEGORY DATA

Table 34 Sales of Premium and Luxury Cars: Value 2016-2021 Table 35 Sales of Premium and Luxury Cars: % Value Growth 2016-2021 Table 36 NBO Company Shares of Premium and Luxury Cars: % Value 2016-2020 Table 37 LBN Brand Shares of Premium and Luxury Cars: % Value 2017-2020 Table 38 Forecast Sales of Premium and Luxury Cars: Value 2021-2026 Table 39 Forecast Sales of Premium and Luxury Cars: % Value Growth 2021-2026

Personal Luxury in Hong Kong, China

KEY DATA FINDINGS

2021 DEVELOPMENTS

2021 recovery held back by lack of visitors from Mainland China
Industry players look to target local consumers
E-commerce remains a challenging environment for luxury brands

PROSPECTS AND OPPORTUNITIES

Expanding duty-free sector in Mainland China a threat to Hong Kong?
Continued emphasis on digital development
Pre-owned luxury expected to continue to grow in popularity

CATEGORY DATA

Table 40 Sales of Personal Luxury by Category: Value 2016-2021 Table 41 Sales of Personal Luxury by Category: % Value Growth 2016-2021 Table 42 NBO Company Shares of Personal Luxury: % Value 2016-2020 Table 43 LBN Brand Shares of Personal Luxury: % Value 2017-2020 Table 44 Distribution of Personal Luxury by Format: % Value 2016-2021 Table 45 Forecast Sales of Personal Luxury by Category: Value 2021-2026 Table 46 Forecast Sales of Personal Luxury by Category: % Value Growth 2021-2026

Designer Apparel and Footwear (Ready-To-Wear) in Hong Kong, China

KEY DATA FINDINGS

2021 DEVELOPMENTS

Recovery begins in 2021 in spite of missing tourist spending
Chanel remains the leading brand
Brands competing for local consumers’ attention

PROSPECTS AND OPPORTUNITIES

E-commerce retains most of the share gains it made in 2020
Increasing focus on digital development
Eco-consciousness and thrift encourage the development of second-hand luxury fashion platforms

CATEGORY DATA

Table 47 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2016-2021 Table 48 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2016-2021 Table 49 NBO Company Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2016-2020 Table 50 LBN Brand Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2017-2020 Table 51 Distribution of Designer Apparel and Footwear (Ready-to-Wear) by Format: % Value 2016-2021 Table 52 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2021-2026 Table 53 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2021-2026

Luxury Eyewear in Hong Kong, China

KEY DATA FINDINGS

2021 DEVELOPMENTS

Luxury eyewear returns to positive growth in 2021, with sunglasses driving the overall performance
Ray-Ban turns in a good performance in 2020
Growing demand for less expensive and more functional products in the pandemic

PROSPECTS AND OPPORTUNITIES

Luxury eyewear to return to 2018 sales levels in 2025
E-commerce faces the challenge of consumers’ preference for trying on spectacle frames
Crossover with smart technology pushing innovation in sunglasses

CATEGORY DATA

Table 54 Sales of Luxury Eyewear by Category: Value 2016-2021 Table 55 Sales of Luxury Eyewear by Category: % Value Growth 2016-2021 Table 56 NBO Company Shares of Luxury Eyewear: % Value 2016-2020 Table 57 LBN Brand Shares of Luxury Eyewear: % Value 2017-2020 Table 58 Distribution of Luxury Eyewear by Format: % Value 2016-2021 Table 59 Forecast Sales of Luxury Eyewear by Category: Value 2021-2026 Table 60 Forecast Sales of Luxury Eyewear by Category: % Value Growth 2021-2026

Luxury Jewellery in Hong Kong, China

KEY DATA FINDINGS

2021 DEVELOPMENTS

Luxury jewellery begins to recover in 2021
Richemont continues to lead luxury jewellery, despite losing share in 2020
Targeting local demand trends may mean offering more entry-level products

PROSPECTS AND OPPORTUNITIES

Further growth expected over the forecast period
Digital engagement here to stay
Polarisation of luxury jewellery expected to continue over the forecast period

CATEGORY DATA

Table 61 Sales of Luxury Jewellery by Category: Value 2016-2021 Table 62 Sales of Luxury Jewellery by Category: % Value Growth 2016-2021 Table 63 NBO Company Shares of Luxury Jewellery: % Value 2016-2020 Table 64 LBN Brand Shares of Luxury Jewellery: % Value 2017-2020 Table 65 Distribution of Luxury Jewellery by Format: % Value 2016-2021 Table 66 Forecast Sales of Luxury Jewellery by Category: Value 2021-2026 Table 67 Forecast Sales of Luxury Jewellery by Category: % Value Growth 2021-2026

Luxury Leather Goods in Hong Kong, China

KEY DATA FINDINGS

2021 DEVELOPMENTS

Luxury leather goods recovering in 2021 after the dip in demand in the previous years
E-commerce here to stay for luxury leather goods
Renowned traditional brands remain relatively resilient

PROSPECTS AND OPPORTUNITIES

Local consumers driving the initial recovery in luxury leather goods
Collaboration with local celebrities becoming the new normal
Circular fashion emerging more strongly in Hong Kong

CATEGORY DATA

Table 68 Sales of Luxury Leather Goods: Value 2016-2021 Table 69 Sales of Luxury Leather Goods: % Value Growth 2016-2021 Table 70 NBO Company Shares of Luxury Leather Goods: % Value 2016-2020 Table 71 LBN Brand Shares of Luxury Leather Goods: % Value 2017-2020 Table 72 Distribution of Luxury Leather Goods by Format: % Value 2016-2021 Table 73 Forecast Sales of Luxury Leather Goods: Value 2021-2026 Table 74 Forecast Sales of Luxury Leather Goods: % Value Growth 2021-2026

Luxury Portable Consumer Electronics in Hong Kong, China

KEY DATA FINDINGS

2021 DEVELOPMENTS

Lack of tourists hurts luxury portable consumer electronics
Luxury mobile phones remains a niche category
LVMH Watch & Jewelry retains lead through TAG Heuer

PROSPECTS AND OPPORTUNITIES

Inbound tourism key to recovery
Uphill battle for luxury portable consumer electronics in the local market

CATEGORY DATA

Table 75 Sales of Luxury Portable Consumer Electronics by Category: Value 2016-2021 Table 76 Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2016-2021 Table 77 NBO Company Shares of Luxury Portable Consumer Electronics: % Value 2016-2020 Table 78 LBN Brand Shares of Luxury Portable Consumer Electronics: % Value 2017-2020 Table 79 Distribution of Luxury Portable Consumer Electronics by Format: % Value 2016-2021 Table 80 Forecast Sales of Luxury Portable Consumer Electronics by Category: Value 2021-2026 Table 81 Forecast Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2021-2026

Luxury Timepieces in Hong Kong, China

KEY DATA FINDINGS

2021 DEVELOPMENTS

Recovery being seen in 2021 following the significant decline in both local and tourist demand
Rolex still the leading brand
Players using local celebrities to boost sales of entry-level products

PROSPECTS AND OPPORTUNITIES

Resumption of inbound travel needed for any full recovery
Digital engagement remains important
Pre-owned market growing

CATEGORY DATA

Table 82 Sales of Luxury Timepieces by Category: Value 2016-2021 Table 83 Sales of Luxury Timepieces by Category: % Value Growth 2016-2021 Table 84 NBO Company Shares of Luxury Timepieces: % Value 2016-2020 Table 85 LBN Brand Shares of Luxury Timepieces: % Value 2017-2020 Table 86 Distribution of Luxury Timepieces by Format: % Value 2016-2021 Table 87 Forecast Sales of Luxury Timepieces by Category: Value 2021-2026 Table 88 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2021-2026

Luxury Writing Instruments and Stationery in Hong Kong, China

KEY DATA FINDINGS

2021 DEVELOPMENTS

Luxury writing instruments and stationery returns to positive growth in 2021
COVID-19 exacerbates already challenging situation for luxury writing instruments and stationery
Montblanc brand continues gaining share in 2020

PROSPECTS AND OPPORTUNITIES

Luxury writing instruments and stationery not expected to achieve a full recovery in 2021-2026
Need to strengthen online presence
Increasing emphasis on distinctive design

CATEGORY DATA

Table 89 Sales of Luxury Writing Instruments and Stationery: Value 2016-2021 Table 90 Sales of Luxury Writing Instruments and Stationery: % Value Growth 2016-2021 Table 91 NBO Company Shares of Luxury Writing Instruments and Stationery: % Value 2016-2020 Table 92 LBN Brand Shares of Luxury Writing Instruments and Stationery: % Value 2017-2020 Table 93 Distribution of Luxury Writing Instruments and Stationery by Format: % Value 2016-2021 Table 94 Forecast Sales of Luxury Writing Instruments and Stationery: Value 2021-2026 Table 95 Forecast Sales of Luxury Writing Instruments and Stationery: % Value Growth 2021-2026

Super Premium Beauty and Personal Care in Hong Kong, China

KEY DATA FINDINGS

2021 DEVELOPMENTS

Sales begin to recover in super premium beauty and personal care in 2021
L’Oréal continues gaining share in 2020
Digital engagement as a must

PROSPECTS AND OPPORTUNITIES

Return to growth expected in 2021, but return of inbound tourists needed for full recovery
In-store services to attract consumers back to stores
Demand for personalisation

CATEGORY DATA

Table 96 Sales of Super Premium Beauty and Personal Care by Category: Value 2016-2021 Table 97 Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2016-2021 Table 98 NBO Company Shares of Super Premium Beauty and Personal Care: % Value 2016-2020 Table 99 LBN Brand Shares of Super Premium Beauty and Personal Care: % Value 2017-2020 Table 100 Distribution of Super Premium Beauty and Personal Care by Format: % Value 2016-2021 Table 101 Forecast Sales of Super Premium Beauty and Personal Care by Category: Value 2021-2026 Table 102 Forecast Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2021-2026
The following categories and subcategories are included:

Luxury Goods

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This report originates from Passport, our Luxury Goods research and analysis database.

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