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Report
Hong Kong, China: Consumer Profile
Market Direction I 2024-11-14 I 43 Pages I Euromonitor
Expanding population, ageing, migration, and generational shifts are shaping Hong Kong's demographic landscape. Economic turbulences are influencing consumers consumption patterns, but the majority of consumers believe they will be better off financially in the future. The number of seniors is projected to witness a substantial increase by 2040, while life expectancy will grow and birth rates drop. Gen X is set to become the largest cohort, heavily influencing purchasing habits in the future.
Euromonitor's Hong Kong, China: Consumer Profile report analyses factors influencing national consumer expenditure. Consumer lifestyles reports include coverage of: population, urban development, home ownership, household profiles, labour, income, consumer and family expenditure, health, education, eating habits, drinking habits, shopping habits, personal grooming, clothing, leisure habits, savings and investments, media, communication, transport and travel and tourism. Use this report to understand the factors influencing a nation's lifestyle choices.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
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Euromonitor International has over 40 years' experience of publishing market research reports, business reference books and online information systems. With offices in London, Chicago, Singapore, Shanghai, Vilnius, Dubai, Cape Town, Santiago, Sydney, Tokyo and Bangalore and a network of over 800 analysts worldwide, Euromonitor International has a unique capability to develop reliable information resources to help drive informed strategic planning.
Scope
Key findings
Key drivers affecting consumers in Hong Kong in 2023
How developments today shape the consumers of tomorrow
Hong Kong a popular migrant destination thanks to perceived economic opportunities
Consumers in Hong Kong ensuring health and longevity through exercise and supplements
Millennials to emerge as the leading generational cohort in the future
Opportunities for growth
Apartment dwellings remain dominant owing to limited space and high population density
Convenience of apartment living aligns with fast-paced lifestyles in Hong Kong
Traditional gender roles will continue to shape household dynamics
Near universal connectivity will drive smart home technology and digitisation
High level of concern among consumers because of the rising cost of everyday goods
Gen X consumers most willing to spend money on their physical and mental wellbeing
Affluent consumers benefit from accumulated wealth and multiple sources of income
Key findings of consumer survey
One in four Gen Z consumers is willing to pay a premium for food and beverages
Despite the highest incomes in the region, consumers in Hong Kong are enticed by bargains
Millennials leading the fight for engagement in green activities and eco-consciousness
Hong Kong consumers maintain healthy spending habits and financial security
Millennials are highly motivated by high salaries, to support their diverse spending habits
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