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Learn moreAug 2020
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Overall, the personal accessories market in Hong Kong has continued to decline in 2020, due to the combination of ongoing non-extradition bill protests, compounded by the impact of the COVID-19 outbreak. Luggage, jewellery and watches have been hardest hit due to the significant decline in travel, tourist arrivals – particularly visitors from mainland China – and low confidence in spending on luxury items due to the extended period of economic uncertainty.
While Hong Kong initially reacted well to COVID-19, and was one of the first places to relax lockdown 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.
Companies active in the personal accessories market have reacted to the impact of COVID-19 with outlet closures and redundancies. LVMH’s Fendi brand made 30% of staff at its Asia-Pacific headquarters in Hong Kong redundant, while Hugo Boss and Valentino closed flagship stores at Hong Kong Airport and Canton Road.
The online channel, while traditionally marginal in Hong Kong due to the city’s small geographic size and the popularity of shopping in bricks and mortar outlets, particularly for products such as personal accessories, is demonstrating signs of gaining importance. This is a direct result of COVID-19 and the ongoing turbulent political environment in the city.
Recovery of Hong Kong’s personal accessories market is expected to be slow. It may take five to eight years for demand to recover to 2018 levels.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Personal Accessories 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 Personal Accessories industry in Hong Kong, China, our research will save you time and money while empowering you to make informed, profitable decisions.
When you purchase this report, you also get the data and the content from these category reports in Hong Kong, China for free:
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This industry report originates from Passport, our personal goods market research database.
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.