Hong Kong

Hong Kong had a population of 7,403,000 people in 2021, which represents a decrease of 24,000 people, 33,947 women and 33,951 men, compared to 2020, when the population was 7,427,000 people.

According to the latest data published by the UN, 39.89% of the population of Hong Kong are immigrants. Hong Kong has a significant proportion of immigrants among its population.

Hong Kong is one of the states with the highest population density, with 6,669 inhabitants per km2.

The following areas currently offer a wealth of opportunities in the world of consumer products:

Retail: Hong Kong saw a strong recovery in retail sales in 2023 amounting to over HK$406 billion with a year-on-year growth of 16.2%, becoming the world’s largest per capita spender in luxury retail in 2023.

The numerous malls, stores and other retail formats give brands the regional exposure needed to launch and grow in Asia.

E-commerce: Domestic online retail scales HK$32.5 billion in 2023. According to the largest local e-commerce platform, the top 3 contributors to sales in 2023 were grocery, beauty and health, digital and electronics. Hong Kong has a complete supply chain for e-commerce players, from online stores to offline stores (O2O) to fulfillment centers.

It is also a hub for cross-border trade enabled by its world-class financial and logistics infrastructure.

For example, Hong Kong International Airport is the world’s busiest cargo airport, and export air cargo clearance can be completed in as little as 15 minutes.

Sourcing: Many of the world’s largest retailers have established their regional or global sourcing operations in Hong Kong to take advantage of the city’s strategic trade advantages, sourcing and digital infrastructure, as well as an established talent pool.

The ecosystem is supported by world-class trade fairs, showrooms and suppliers. Hong Kong is also a popular location to establish a corporate treasury centre to manage capital flows and trade finance.