The Hong Kong travel industry has taken a major hit since 2019. Social unrest in 2019 and COVID-19 in 2020 and 2021 have strongly deterred tourists from visiting Hong Kong.
The luxury mobile phones category has failed to establish a significant presence in the Hong Kong market, as it has faced intense competition from non-luxury alternatives. The status of smartphones tends to be founded on their innovative technological capabilities rather than more standard luxury factors relating to design characteristics and craftsmanship.
LVMH Watch & Jewelry Hong Kong Ltd remains the largest player in luxury portable consumer electronics. The company’s market-leading TAG Heuer brand’s Connected Modular series has been successful, with consumers praising its premium build quality, use of high-end technology and ability to be customised.
Being heavily reliant on tourist spending, the luxury wearables category will see its recovery strongly influenced by the revival of inbound tourism following the lifting of travel bans. Meanwhile, on the one hand, local demand will be supported by the increased attention being paid to health and fitness due to the COVID-19 outbreak and the changed lifestyles adopted during the pandemic, as consumers look for products monitoring various aspects of physical activity and bodily function.
Luxury portable consumer electronics faces challenges in Hong Kong as the product category lacks clear added value for consumers. As mentioned above, luxury portable consumer electronics depreciate in value instead of increasing in value, with the hardware struggling to support the rapidly renewed software and operating systems, which will render the products useless within a number of years.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics 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.
If you're in the Luxury Portable Consumer Electronics 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.
Luxury portable consumer electronics include luxury mobile phones, luxury MP3 players and luxury wearables.
See All of Our DefinitionsThis report originates from Passport, our Luxury Portable Consumer Electronics research and analysis database.
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