The luxury goods industry is set to continue to record a dynamic rebound in current value sales in 2022, after a year of dramatic decline in 2020 due to COVID-19. With the fifth wave of the pandemic involving the rapid spread of the Omicron variant, retail sales in Hong Kong were heavily impacted in Q1 2022.
Luxury hotels will continue to see a moderate current value rebound in 2022, driven by local consumption, as the pandemic has brought changes to guest demographics – with the absence of tourists, hotels are relying on local consumers taking staycations. Luxury hotels are offering staycation packages to stimulate business.
Luxury brands are adapting their marketing strategies to attract the attention of local consumers by collaborating with local celebrities and launching localised campaigns. With the absence of inbound tourists, brand localisation became a necessity for luxury brands.
Pandemic-induced store closures and the boom in online shopping pushed brands further toward their e-commerce businesses to drive revenue. Many luxury brands increased their investment in digitalisation and e-commerce to counteract the fast-changing market.
Although the luxury goods industry is gradually recovering from the pandemic impact, the global economic environment is still unsettled, due to high global inflation, imminent rising interest rates, and global economic uncertainties. Despite the gloomy outlook affecting consumer sentiment, luxury goods is still expected to see robust growth over the forecast period, based on the assumption that international travel will start to resume at a faster rate in 2023.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
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:
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.
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.See All of Our Definitions
This report originates from Passport, our Luxury Goods research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!