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The Hong Kong luxury goods market experienced a marked decline in sales in 2020, as the COVID-19 pandemic exacerbated the already challenging conditions resulting from the civil unrest that began in the previous year. The sharp fall in the number of inbound tourists resulting from global restrictions on travel aimed at limiting the spread of COVID-19 and consumers' reluctance to travel because of concerns about exposure to the novel coronavirus played an important part in driving down sales duri...
Euromonitor International's Luxury Goods in Hong Kong, China report offers a comprehensive guide to the size and shape of the Luxury Goods market at a national level. It provides the latest retail sales data, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market and their effects on Luxury Goods retailing along with the development of consumers' shopping patterns. Forecasts to 2025 illustrate how the market is set to change
Product coverage: Experiential Luxury, Fine Wines/Champagne and Spirits, Personal Luxury, Premium and Luxury Cars.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
Why buy this report?
Get a detailed picture of the Luxury Goods market; Pinpoint growth sectors and identify factors driving change; Understand the competitive environment, the market's major players and leading brands; Use five-year forecasts to assess how the market is predicted to develop.TABLE OF CONTENTS
List OF CONTENTS AND TABLES
EXECUTIVE SUMMARY
COVID-19 impact on luxury goods
COVID-19 country impact
Company response
Retailing shift
What next for luxury goods?
MARKET INDICATORS
Table 1 Number of High Net Worth Individuals (HNWI): 2015-2020MARKET DATA
Table 2 Sales of Luxury Goods by Category: Value 2015-2020 Table 3 Sales of Luxury Goods by Category: % Value Growth 2015-2020 Table 4 Inbound Receipts for Luxury Goods by Country of Origin: Value 2015-2020 Table 5 NBO Company Shares of Luxury Goods: % Value 2015-2019 Table 6 LBN Brand Shares of Luxury Goods: % Value 2016-2019 Table 7 Distribution of Luxury Goods by Format and Category: % Value 2020 Table 8 Forecast Sales of Luxury Goods by Category: Value 2020-2025 Table 9 Forecast Sales of Luxury Goods by Category: % Value Growth 2020-2025DISCLAIMER
GLOBAL MACROECONOMIC ENVIRONMENT
GLOBAL INDUSTRY ENVIRONMENT
SOURCES
Summary 1 Research SourcesKEY DATA FINDINGS
2020 IMPACT
Lack of inbound tourism has a marked impact
Pandemic policies hit luxury foodservice
COVID-19 exacerbates impact of social unrest
RECOVERY AND OPPORTUNITIES
Constraints on luxury hotels' recovery
Luxury foodservice faces challenges despite stronger local consumer base
Potential to target demand for hygiene and sanctuary
CATEGORY DATA
Table 10 Sales of Experiential Luxury by Category: Value 2015-2020 Table 11 Sales of Experiential Luxury by Category: % Value Growth 2015-2020 Table 12 NBO Company Shares of Experiential Luxury: % Value 2015-2019 Table 13 LBN Brand Shares of Experiential Luxury: % Value 2016-2019 Table 14 Forecast Sales of Experiential Luxury by Category: Value 2020-2025 Table 15 Forecast Sales of Experiential Luxury by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Marked decline in sales despite focus on local expenditure
Armani to close Hong Kong outlets
Price promotional activity to stimulate demand
RECOVERY AND OPPORTUNITIES
Limited recovery
Accelerated digital transformation
Luxury players face wide-ranging competition
CATEGORY DATA
Table 16 Sales in Luxury Foodservice: Value 2015-2020 Table 17 Sales in Luxury Foodservice: % Value Growth 2015-2020 Table 18 NBO Company Shares in Luxury Foodservice: % Value 2015-2019 Table 19 LBN Brand Shares in Luxury Foodservice: % Value 2016-2019 Table 20 Forecast Sales in Luxury Foodservice: Value 2020-2025 Table 21 Forecast Sales in Luxury Foodservice: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Luxury hotels players target local consumers
Offers include dining in with a room
Sun Hung Kai Properties leads
RECOVERY AND OPPORTUNITIES
Challenging times ahead
Changing business practices pose a significant threat to recovery
Discounting not a long-term strategy
CATEGORY DATA
Table 22 Sales in Luxury Hotels: Value 2015-2020 Table 23 Sales in Luxury Hotels: % Value Growth 2015-2020 Table 24 Sales in Luxury Hotels by Country of Origin: % Value 2015-2020 Table 25 NBO Company Shares in Luxury Hotels: % Value 2015-2019 Table 26 LBN Brand Shares in Luxury Hotels: % Value 2016-2019 Table 27 Forecast Sales in Luxury Hotels: Value 2020-2025 Table 28 Forecast Sales in Luxury Hotels: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Strong local demand not capable of compensating for loss of inbound tourist trade
Aggressive online promotional activity
E-commerce gains share
RECOVERY AND OPPORTUNITIES
Local consumption and lower-priced products to drive recovery
Digital activity has key role to play
Trend towards local craft gin offers potential
CATEGORY DATA
Table 29 Sales of Fine Wines/Champagne and Spirits by Category: Value 2015-2020 Table 30 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2015-2020 Table 31 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2015-2019 Table 32 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2016-2019 Table 33 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2015-2020 Table 34 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2020-2025 Table 35 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Consumption power remains though pessimistic atmosphere undermines demand
Mercedes-Benz's digital sales service and new model support its leading position
Advanced technology and well-established infrastructure drive electric car growth
RECOVERY AND OPPORTUNITIES
Electric models expected to play important role in recovery
Growing demand for premium and luxury SUVs
Technology convergence becoming the key differentiator
CATEGORY DATA
Table 36 Sales of Premium and Luxury Cars: Value 2015-2020 Table 37 Sales of Premium and Luxury Cars: % Value Growth 2015-2020 Table 38 NBO Company Shares of Premium and Luxury Cars: % Value 2015-2019 Table 39 LBN Brand Shares of Premium and Luxury Cars: % Value 2016-2019 Table 40 Forecast Sales of Premium and Luxury Cars: Value 2020-2025 Table 41 Forecast Sales of Premium and Luxury Cars: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Fall in visitors from Mainland China hits personal luxury
Local middle class demand undermined
E-commerce a challenging environment for luxury brands
RECOVERY AND OPPORTUNITIES
Pre-owned luxury set to continue to grow in popularity
Hard luxury expected to see quicker recovery
Continued emphasis on digital development
CATEGORY DATA
Table 42 Sales of Personal Luxury by Category: Value 2015-2020 Table 43 Sales of Personal Luxury by Category: % Value Growth 2015-2020 Table 44 NBO Company Shares of Personal Luxury: % Value 2015-2019 Table 45 LBN Brand Shares of Personal Luxury: % Value 2016-2019 Table 46 Distribution of Personal Luxury by Format: % Value 2015-2020 Table 47 Forecast Sales of Personal Luxury by Category: Value 2020-2025 Table 48 Forecast Sales of Personal Luxury by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Decline in inbound tourism contributes to dramatic fall in sales
Fall in local demand
High-end retailers offer considerable discounts
RECOVERY AND OPPORTUNITIES
Continued focus on local demand
Eco-consciousness and thrift encourage the development of second-hand luxury fashion platforms
Increasing focus on digital development
CATEGORY DATA
Table 49 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2015-2020 Table 50 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2015-2020 Table 51 NBO Company Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2015-2019 Table 52 LBN Brand Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2016-2019 Table 53 Distribution of Designer Apparel and Footwear (Ready-to-Wear) by Format: % Value 2015-2020 Table 54 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2020-2025 Table 55 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Marked fall in demand from both inbound tourists and local consumers
Growing demand for less expensive, more functional products
Heavy discounting
RECOVERY AND OPPORTUNITIES
Wide range of price points and association with eye health to support recovery
E-commerce faces the challenge of consumers' preference for trying on spectacle frames
Recovery of luxury sunglasses limited by slow revival of international travel
CATEGORY DATA
Table 56 Sales of Luxury Eyewear by Category: Value 2015-2020 Table 57 Sales of Luxury Eyewear by Category: % Value Growth 2015-2020 Table 58 NBO Company Shares of Luxury Eyewear: % Value 2015-2019 Table 59 LBN Brand Shares of Luxury Eyewear: % Value 2016-2019 Table 60 Distribution of Luxury Eyewear by Format: % Value 2015-2020 Table 61 Forecast Sales of Luxury Eyewear by Category: Value 2020-2025 Table 62 Forecast Sales of Luxury Eyewear by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Fall in demand from both inbound tourists and local consumers
Investment value supports persistent demand for gold
Luxury jewellery brands turn to digital channels to stay in touch with consumers
RECOVERY AND OPPORTUNITIES
Targeting local demand trends
Important role for product placement
Potential for longer-term development of e-commerce
CATEGORY DATA
Table 63 Sales of Luxury Jewellery by Category: Value 2015-2020 Table 64 Sales of Luxury Jewellery by Category: % Value Growth 2015-2020 Table 65 NBO Company Shares of Luxury Jewellery: % Value 2015-2019 Table 66 LBN Brand Shares of Luxury Jewellery: % Value 2016-2019 Table 67 Distribution of Luxury Jewellery by Format: % Value 2015-2020 Table 68 Forecast Sales of Luxury Jewellery by Category: Value 2020-2025 Table 69 Forecast Sales of Luxury Jewellery by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Luxury leather goods suffers from falling demand from tourists and locals
Renowned traditional brands remain relatively resilient
Louis Vuitton Hong Kong Ltd retains lead
RECOVERY AND OPPORTUNITIES
Growing focus on second-hand luxury and sell-on value
Further online development
Local consumers to drive initial recovery
CATEGORY DATA
Table 70 Sales of Luxury Leather Goods: Value 2015-2020 Table 71 Sales of Luxury Leather Goods: % Value Growth 2015-2020 Table 72 NBO Company Shares of Luxury Leather Goods: % Value 2015-2019 Table 73 LBN Brand Shares of Luxury Leather Goods: % Value 2016-2019 Table 74 Distribution of Luxury Leather Goods by Format: % Value 2015-2020 Table 75 Forecast Sales of Luxury Leather Goods: Value 2020-2025 Table 76 Forecast Sales of Luxury Leather Goods: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Local demand for luxury wearables supported by increased interest in fitness and wellbeing
Luxury mobile phones remains a niche category
LVMH Watch & Jewelry retains lead through TAG Heuer
RECOVERY AND OPPORTUNITIES
Inbound tourism key to recovery
Pressure for traditional watchmakers to partner with tech companies to develop presence in luxury wearables
Lack of investment potential an obstacle
CATEGORY DATA
Table 77 Sales of Luxury Portable Consumer Electronics by Category: Value 2015-2020 Table 78 Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2015-2020 Table 79 NBO Company Shares of Luxury Portable Consumer Electronics: % Value 2015-2019 Table 80 LBN Brand Shares of Luxury Portable Consumer Electronics: % Value 2016-2019 Table 81 Distribution of Luxury Portable Consumer Electronics by Format: % Value 2015-2020 Table 82 Forecast Sales of Luxury Portable Consumer Electronics by Category: Value 2020-2025 Table 83 Forecast Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Significant decline in both local and tourist demand
Enduring demand amongst collectors
Growing competitive pressure from premium smartwatches
RECOVERY AND OPPORTUNITIES
High-end luxury set to see quickest recovery
Female consumers expected to account for a growing share of sales
Potential for e-commerce expansion and further development of pre-owned segment
CATEGORY DATA
Table 84 Sales of Luxury Timepieces by Category: Value 2015-2020 Table 85 Sales of Luxury Timepieces by Category: % Value Growth 2015-2020 Table 86 NBO Company Shares of Luxury Timepieces: % Value 2015-2019 Table 87 LBN Brand Shares of Luxury Timepieces: % Value 2016-2019 Table 88 Distribution of Luxury Timepieces by Format: % Value 2015-2020 Table 89 Forecast Sales of Luxury Timepieces by Category: Value 2020-2025 Table 90 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
COVID-19 crisis exacerbates already challenging situation for luxury writing instruments and stationery
Category hit by consumers avoiding brick-and-mortar stores
Leader targets young urban consumers
RECOVERY AND OPPORTUNITIES
Luxury writing instruments and stationery not expected to achieve full recovery
Need to strengthen online presence
Increasing emphasis on distinctive design
CATEGORY DATA
Table 91 Sales of Luxury Writing Instruments and Stationery: Value 2015-2020 Table 92 Sales of Luxury Writing Instruments and Stationery: % Value Growth 2015-2020 Table 93 NBO Company Shares of Luxury Writing Instruments and Stationery: % Value 2015-2019 Table 94 LBN Brand Shares of Luxury Writing Instruments and Stationery: % Value 2016-2019 Table 95 Distribution of Luxury Writing Instruments and Stationery by Format: % Value 2015-2020 Table 96 Forecast Sales of Luxury Writing Instruments and Stationery: Value 2020-2025 Table 97 Forecast Sales of Luxury Writing Instruments and Stationery: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Sharp decline in sales in 2020
Skincare and "other" super premium beauty and personal care prove more resilient than colour cosmetics and fragrances
Inventory challenges
RECOVERY AND OPPORTUNITIES
Enduring shift to digital platforms
Growing focus on natural products
Demand for personalisation
CATEGORY DATA
Table 98 Sales of Super Premium Beauty and Personal Care by Category: Value 2015-2020 Table 99 Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2015-2020 Table 100 NBO Company Shares of Super Premium Beauty and Personal Care: % Value 2015-2019 Table 101 LBN Brand Shares of Super Premium Beauty and Personal Care: % Value 2016-2019 Table 102 Distribution of Super Premium Beauty and Personal Care by Format: % Value 2015-2020 Table 103 Forecast Sales of Super Premium Beauty and Personal Care by Category: Value 2020-2025 Table 104 Forecast Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2020-2025