Research
Reset, Reshape and Rethink: Find Opportunity in Change
Find Opportunity in Change
October 31, 2023
Contributors:
- Oliver Tong
- Cathie Chung
- Matthew Sham
Hong Kong's retail market is facing six key major challenges, namely 1) Changing tourist shopping habits, 2) Leakage of domestic consumption, 3) Keen competition from other tourist destinations, 4) Increasing new retail space supply, 5) The rise of online sales and 6) Soaring rents.
Our research incorporates two phases of surveys conducted among consumers and operators in Hong Kong between October 2022 and September 2023 to identify first hand insights into key spending patterns and leading trends. We trust the paper will provide business leaders and sector stakeholders valuable insight to prepare for and drive the future of Hong Kong retail.
