Hong Kong’s prime location ensures that those involved in consumer products have proximity to both vendors and consumers. Whether you are a retailer, wholesaler or someone involved in sourcing, buying or trading, you are well supported by specialists in channel development and multi-platform marketing. The large market size of Hong Kong and Mainland China allows great scope for organisations to find success across a variety of industries.
The following areas currently offer an abundance of opportunities in the world of consumer products:
Retail － As the top shopping destination with world class shopping malls, high street locations and a variety of retail formats, Hong Kong is the ideal location to showcase any brands. Retail sales amounted to over HK$430 billion in 2019. Goods of particular significance include jewellery, watches, valuable gifts, clothing and footwear products of which sales at $120 billion, accounting for 28 percent of the total sales.
Cosmetics & Personal Care － Hong Kong’s open regulatory environment for cosmetics has ensured significant market space for both cosmetics and personal care. Imports of cosmetics and personal care items amounted to over HK$47 billion in 2019. Sales channels include stand-alone boutiques, multi-brand retailers, online platforms and beauty salons. Cosmetics and personal care items are a favorite purchase category for both local consumers and international and Mainland visitors thanks to the attractive prices (no VAT, no import duties) and a wide global selection available in the city.
ECommerce － Hong Kong is a great location to set up eCommerce fulfilment centre thanks to the city’s sophisticated logistics infrastructure and ubiquitous internet access with a range of payment options. Hong Kong is home to most leading financial institutions and major mobile wallet technologies. It is also possible to access millions of regional consumers through a presence on e-platforms, managed from a base in Hong Kong.
Jewellery － Hong Kong also hosts many world class jewellery and gemstones trade shows and congress. Renowned auction houses and miners also hold auctions and tenders for rough and polished diamonds in the city. Retail of jewellery, watches, and valuable gifts amounted to over HK$66,000 million in 2019 with a robust second hand trading market to support as well.
Sourcing － Many of the world’s biggest retailers have set up their regional or global sourcing operations in Hong Kong to leverage the city’s strategic business advantages, ease of travel, sourcing and merchandising talent and an ecosystem of world class trade shows, show rooms and suppliers. Hong Kong is also a popular place to set up Corporate Treasury Centre to manage capital flows and trade finance.
Find out more at InvestHK: https://www.investhk.gov.hk/en/industries/consumer-products.html