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1、2024 Trends report Elevating Elegance:Unveiling the Pinnacle of Luxury Retail in Hong KongElevating Elegance:Unveiling the Pinnacle of Luxury Retail in Hong KongAnalysing the Hong Kong luxury retail marketOver the last two years there has been an increase in demand among Hong Kong consumers to buy m
2、ore,and pay more,for luxury goods.But which luxury product categories appeal,and how does purchase behaviour vary across different demographics?How much has been spent on luxury goods in the last 12 months,what motivates Hong Kongers to buy luxury goods,and for what occasion?This report delves into
3、the trends in the luxury retail market in Hong Kong over the last two years.It also reveals Hong Kongs future luxury fashion buyer,and explores who they are,how best to engage them,and identify the brands they are considering buying in 2024.Run a surveyExplore living dataGet in touch202118-24I am wi
4、lling to pay more for luxury brands-4445-5455+I bought luxury good(s)for myself in the past 12 monthsAgreeI bought luxury good(s)as a gift in the past 12 monthsNot AgreeI am willing to pay more for luxury brands 19%36%12%64%22%18%41%13%59%23%24%33%33%26%16%67%67%74%33%(YouGov Profiles
5、+Hong Kong,Datasets December 12,2021,December 11,2022,December 10,2023,N1,000)(YouGov Profiles+Hong Kong,Datasets December 10,2023,N3,000)1834-year-olds are more likely to pay more for luxury brands than consumers aged 35+Luxury goods on the riseThe last two years has seen a steady increase in the p
6、roportion of Hong Kong consumers purchasing,and willing to pay more for luxury goods.18-2425-34Bought in last 12 monthsElectronic devicesFragrancesShoesAccessoriesAccessoriesWatchesNecklaceFoodBeauty productsDrink16%18%9%14%16%15%9%12%8%11%Top luxury goods bought past 12 months(YouGov Profiles+Hong
7、Kong,Dataset December 10,2023,Filter Age:18-24 N100)(YouGov Profiles+Hong Kong,Dataset December 10,2023,Filter Age:25-34 N200)Bought in last 12 monthsDifferences emerge between the types of luxury goods purchased among Hong Kongers aged 18-24.Electronics and accessories rank top for 1824-year-olds,f
8、ragrances,and watches for 2534-year-olds.Which luxury goods have been bought by 1834-year-olds?Run a survey18-2425-3435-4445-5455+Nat RepUp to HKD 10,000HKD 25,001 HKD 50,000HKD 10,001 to HKD 25,000More than HKD 50,00119%4%7%4%11%9%9%12%10%6%6%6%6%4%8%5%7%12%5%9%2%14%5%11%(YouGov Profiles+Hong Kong,
9、Dataset December 10,2023,N100)Luxury Goods amount spent past 12 months by ageHow much,if anything,have you spent on luxury goods in the past 12 months for yourself or somebody else?Hey big spenders!30%of 2534-year-olds in Hong Kong spent over HKD 10,000 on luxury goods in the last 12 months(vs 21%Na
10、t rep).While 1824-year-olds are spending less overall,those aged 55+peak in the higher spend bracket of more than HKD 50,0001Luxury goods Reasons to buyFor which,if any,of the following reasons have you bought luxury goods in the past 12 months for yourself or somebody else?202120222023DiffAs a coll
11、ectableTo distinguish myselfTo feel more valuedTo feel goodThe quality of luxury goods is better14%9%25%33%26%18%13%32%41%26%31%20%16%10%36%43%35%11%10%10%(YouGov Profiles+Hong Kong,Datasets December 12,2021,December 11,2022,December 10,2023,Filter:Bought luxury goods for myself or as a gift in past
12、 12 months,N250)More than double the amount of Hong Kong consumers bought luxury goods as a collectable in 2023 compared to two years ago.Aspirational values have also increased such as feeling valued,to feel good and to distinguish themselves.Luxury collectable items have increased in popularity Ex
13、plore living dataLuxury goods occasions to buy.For which,if any,of the following occasions do you usually buy luxury goods?202120222023DiffA new version of the product(e.g.updated features,color,etc.)has been releasedAs a birthday gift to myselfAnniversaryWedding/EngagementThank You/Appreciation17%4
14、1%30%15%18%19%45%38%18%23%34%56%17%15%46%30%33%16%15%15%(YouGov Profiles+Hong Kong,Datasets December 12,2021,December 11,2022,December 10,2023,Filter:Bought luxury goods for myself or as a gift in past 12 months,N250)Celebratory milestones such as birthdays and anniversaries are the most popular occ
15、asions for splurging on luxury goods.But upgrading to the latest version of products has experienced the largest uplift in the last two years.Happy Birthday to me!Luxury goods product bought past 12 monthsWhich,if any,of the following luxury goods have you purchased in the past 12 months for yoursel
16、f or somebody else?202120222023DiffVacations(e.g.cruises,hotels,etc.)Ring(s)FragrancesDrinks(e.g.,Wine,Champagne,Spirits,etc.)Earring(s)10%12%25%18%15%17%17%27%20%17%26%16%29%36%26%25%17%11%9%9%(YouGov Profiles+Hong Kong,Datasets December 12,2021,December 11,2022,December 10,2023,Filter:Bought luxur
17、y goods for myself or as a gift in past 12 months,N250)Purchase of luxury rings and luxury vacations has increased significantly in last 3 yearsWhich luxury fashion brands are mostly purchased by Hong Kongers?Purchased past 12 monthsLuxury Fashion BrandCHANELLouis VuittonDiorCalvin KleinSwarovski13.
18、511.111.210.79.1(YouGov BrandIndex Hong Kong,Filter:Bought luxury good(s)for myself OR as gift in past 12 months.Time Range:December 1st,2022 to November 30th,2023,N400)Chanel is the most purchased luxury fashion brand among Hong Kongers in past 12 months.Get in touchThe Future outlook of the luxury
19、 market in Hong Kong202120222023DiffPropensity to purchase luxury goods in the next 12 months for yourself or somebody elsePropensity to buy luxury fashion in next 3 months28%22%26%23%34%6%34%12%(YouGov Profiles+Hong Kong,Datasets December 12,2021,December 11,2022,December 10,2023,Filter:Bought luxu
20、ry goods for myself or as a gift in past 12 months,N1,300)Increased desire to purchase luxury items in the future,with more than double the amount intending to buy luxury fashion in the next 3 months.Who are future luxury fashion buyersFuture luxury fashion buyers are more likely to be aged 25-34,ha
21、ve a child under 18,work in management and have a higher income.23%are aged between 25-34 years vs 17%Nat rep.52%have child under 18 years old vs 38%Nat rep 64%have household disposable income of HKD 30,000 and more vs 51%Nat rep 20%belong to higher income vs 14%Nat rep 31%work in management within
22、their organization vs 23%Nat rep(YouGov Profiles+Hong Kong,Dataset December 10,2023,Filter:In Market:Luxury Fashion:Very likely,Likely,N800)(YouGov Profiles+Hong Kong,Dataset December 10,2023,Filter:In Market:Luxury Fashion:Very likely,Likely,N400)Luxury fashion buyers in next 3 monthsTrendsetters i
23、n fashionNat RepDiffI like to think of myself as well-dressedI think luxury goods are a good investmentI love recommending things for people to tryI keep up to date with current fashion trendsI consider myself more fashionable than most peopleI closely follow famous people/celebrities for fashion tr
24、endsIn my circle,I am always the first to know about new lifestyle and design trendsIm a sucker for anything branded,even if its expensive trends52%43%52%42%39%42%40%33%31%25%33%25%25%24%24%18%21%18%19%17%14%18%16%15%They are likely to be influential trendsetters who keep ahead of the luxury fashion
25、 curve.Explore living data(YouGov Profiles+Hong Kong,Dataset December 10,2023,Filter:In Market:Luxury Fashion:Very likely,Likely,N300)Luxury fashion buyers in next 3 monthsLuxury fashion buyers in next 3 months Things looked for at an eventNat RepNat RepDiffDiffLive video streamingNew technologyExcl
26、usive access to products,content,and informationCelebrities or influencersGiveaways or prizesIm always aware of what pop-up events are near meFun photo opportunitiesLive performancesBrands that I likeConnection to a charity or social issueI pay attention to the ads at eventsFree food/drinksIve alway
27、s got time for interactive booths at events34%53%41%26%70%61%35%43%50%19%58%61%55%19%42%29%16%66%40%23%32%38%14%35%58%35%15%11%12%10%4%21%12%11%12%5%23%3%20%How do future luxury fashion buyers connect with advertisingFuture luxury fashion buyers in Hong Kong have a high level of engagement with even
28、ts and event sponsors than the national population,along with pop-up shops and product demonstrations.65%are likely to attend an event organised/sponsored by a brand in the next 12 months vs 35%Nat rep 45%notice a sponsor of an event(e.g.sporting event or musical festival)vs 31%Nat rep In non-tradit
29、ional forms of advertising,60%engage with pop-up shows vs 46%Nat rep In non-traditional forms of advertising,75%engage with product demonstration vs 55%Nat repFavourite music genreNat RepClassicalNew AgeRockBluesJazz52%31%28%29%27%36%20%18%20%19%(YouGov Profiles+Hong Kong,Dataset December 10,2023,Fi
30、lter:In Market:Luxury Fashion:Very likely,Likely,N300)Services used to listen to musicNat RepYouTubeJoox MusicSpotifyApple MusicHK Radio45%28%27%25%21%38%22%18%15%12%Luxury fashion buyers in next 3 months Luxury fashion buyers in next 3 months They have a strong affinity with music 61%are music love
31、rs vs 47%nat rep Classical is favourite music genre of 52%of them vs 36%Nat rep 35%read Music magazines vs 19%Nat rep 38%spend more than 6 hours listening to streamed music vs 28%nat repRun a surveyWhich brands are future luxury fashion buyers considering?ConsiderationBrandsCHANELDiorRolexLouis Vuit
32、ton29.125.426.125.224.6(YouGov BrandIndex Hong Kong,Filter:In Market:Luxury Fashion Likely and Very Likely.Time Range:December 1st,2022 to November 30th,2023,N1,100)GucciTop 5 Fashion:Luxury Brands by considerationGet in touchWant a deeper analysis?YouGov BrandIndex tracks 16 key brand health metric
33、s including:Ad Awareness Customer Satisfaction Perceived Value RecommendationWith YouGov Profiles,you can segment your analysis by:Location Grocery spend Frequency of store visits Family size And much moreGet a demoThank youYouGov,2024,all rights reserved.All materials contained herein are protected
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