Hong Kong retail sales up 14.3 percent in the first quarter of 2018

28/05/2018 - Data released by the Hong Kong Bureau of Statistics showed that retail sales in the market grew 14.3 percent in the first quarter of 2018, but whether it will return to the boom times of 2012 is up for debate.

Retail accounts for 4.1 percent of local GDP, and luxury sales have been a real growth engine for the sector in Hong Kong. What’s causing doubt is that the share of high-end luxury brands in retail has been shrinking, according to David Ji, the head of research consultancy Knight Frank for Greater China. The trend among Mainland Chinese visitors is away from purchasing luxury items to buying more mid-priced products.

Experts argue this shift is largely due to the changing mindset of Chinese consumers. With more options available for obtaining luxury items at a reasonable price at home, Chinese shoppers are keen to explore more exciting luxury shopping experiences. Traveling to Hong Kong to get luxury items for less is no longer a draw.

Historically, Hong Kong has relied on Mainland Chinese tourists, and tourist traffic can rise and fall significantly depending on the political and economic climate.

In reaction to high rents and unpredictable demand, many luxury brands are experimenting with pop-up shops they hope can deliver unique experiences to both Mainland Chinese tourists and local shoppers.

Despite the significant changes to how things have traditionally been done, Eric Cheng, Local Director of Retail at JLL Hong Kong, said he is confident about the future of retail in Hong Kong.

“The cost of opening a physical store has significantly lowered at this point in time following Hong Kong’s three-year slump in retail rentals,” he said. “This offers a natural window of opportunity for online retailers looking to expand into the bricks and mortar world, allowing them to secure coveted retail spaces with more reasonable rental rates.”

“We are positive that physical stores will be in more demand than ever, but their purpose and operation will change,” he said.

Fonte:https://cpp-luxury.com/hong-kong-retail-sales-up-14-3-percent-in-the-first-quarter-of-2018/

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