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The Hong Kong luxury goods market experienced a marked decline in sales in 2020, as the COVID-19 pandemic exacerbated the already challenging conditions resulting from the civil unrest that began in the previous year. The sharp fall in the number of inbound tourists resulting from global restrictions on travel aimed at limiting the spread of COVID-19 and consumers’ reluctance to travel because of concerns about exposure to the novel coronavirus played an important part in driving down sales during the year.
While Hong Kong initially reacted effectively to COVID-19 and was one of the first places to relax restrictions to allow restaurant dining and hospitality to resume, new restrictions were implemented at the end of July in response to a rising tide of new cases. At the time of writing, Hong Kong is seeing more than 100 new cases each day, raising concerns of an overwhelming new surge.
The COVID-19 crisis hit luxury goods players already reeling from the impact of the civil unrest that was triggered by the Fugitive Offenders and Mutual Legal Assistance in Criminal Matters Legislation (Amendment) Bill 2019. As a result, several players decided to restructure their retailing strategies during 2020, reducing the number of brick-and-mortar stores they operated, particularly in tourist areas, which saw footfall dramatically impacted by border measures introduced in late March with the aim of limiting the spread of COVID-19.
In contrast to other markets, Hong Kong did not see forced store closures as part of measures to contain COVID-19. Nonetheless, retail sales of luxury goods fell sharply as consumers’ concerns about becoming infected through social contact discouraged them from visiting physical stores.
The Hong Kong luxury goods market is expected to return to growth in 2021 and continue to see year-on-year growth throughout the rest of the forecast period, as the immediate threat from COVID-19 wanes and social and economic activity revives. However, by the end of the forecast period, sales are not expected to reach the levels seen in 2018, before the civil unrest and pandemic that led to dramatic declines in sales in 2019 and 2020.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Luxury Goods industry in Hong Kong, China with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Luxury Goods industry in Hong Kong, China, our research will save you time and money while empowering you to make informed, profitable decisions.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.