Hong Kong has solidified itself as one of the world’s most exciting and dynamic markets today. As an international business hub powered by a robust digital infrastructure, Hong Kong’s eCommerce market, food services industry and creative industries are rapidly growing, innovating and adapting to changing consumer preferences. There are rich opportunities for digitalisation, and Hong Kong’s central location in Asia offers business’ prime position to expand across the region.
Hong Kong’s digital ecosystem has evolved and developed rapidly and is vital for the city, its people and its businesses. It impacts every aspect of life for the people of Hong Kong who lead increasingly digital lifestyles.
Invest Hong Kong and PwC are pleased to present in-depth analysis of the ever-evolving role of digital in Hong Kong’s eCommerce, Food Services and Creative Industries.
This report draws on the knowledge, data and experience of PwC professionals, industry experts and leading market research highlighting areas of growth, success stories, key statistics and forecasts to provide insights on new opportunities in Hong Kong, and from the city further extending across Greater China, ASEAN and along the Belt and Road countries.
We also examine how consumer preferences have changed, and how businesses have transformed to address these changes. Agility plays a key role in the recovery, growth and strength across sectors and has enabled Hong Kong’s digital ecosystem to adapt and grow from the disruptions brought by COVID-19.
Hong Kong’s status as an international business hub has created a rapidly growing eCommerce ecosystem that is ripe with new opportunities. Beyond the eCommerce market within the city, Hong Kong is also immaculately positioned for businesses to tap into the coveted markets in Mainland China and ASEAN. The business-friendly environment, high quality talent, abundance of funding and logistical excellence of the city make it an ideal destination for eCommerce businesses looking to enter the region and access customers in Hong Kong, Mainland China and beyond.
Hong Kong eCommerce market is on a growth trajectory and is expected to maintain its momentum after the pandemic, benefiting from the fundamental changes in consumers demand and habits, emergence of new online shopping platforms, increased digitalisation of retailers, and development of digital payment options. It is fair to say that online shopping in Hong Kong is here to stay as major brands and shopping platforms are expanding their eCommerce and in the process, this presents enormous opportunities to digital-ready retailers. Quite a number of local eCommerce platforms have emerged successfully taking advantage of increased online traffic, social-commerce, and the prevalence trend of live streaming.
Sustainability and eco-friendliness is a fast rising concern for consumers in Hong Kong, and it is a factor that is influencing more and more purchasing decisions. This is an area of business that is growing alongside consumer sentiment, and new opportunities will continue to present themselves to businesses in Hong Kong who are able to capitalise.
Recognised as an important culinary capital of Asia, Hong Kong is home to a thriving food services industry that captivates residents and visitors alike. The city has 11 of Asia’s Top 50 Restaurants and 95 Michelin Stars in 2021 and looks to continue this path of excellence. From food & grocery delivery to innovative business models and digital partnerships, Hong Kong’s Food Services industry is showing its agility and resilience as the industry continues to enrich the digital ecosystem to cater to the customers of the future in Hong Kong, Greater Bay Area and beyond.
As a leader in global creative output, Hong Kong is witnessing a significant change in consumer demands resulting in digital advertising growth. Media usage, increased demand for ArtTech and NFTs, accelerated rise of OTT video, gaming and esports dominance are all exhibiting strong growth. Innovative companies are upgrading and updating traditional ways of working and doing business, triggering increased demand for digital media, tools and skills. This presents rich opportunities for the entire creative industry to both ride this wave and fuel digitalisation efforts simultaneously.
As demand for data and bandwidth rise with consumption of home entertainment, entertainment & media companies using 5G networks can expand their service offerings and improve live entertainment by investing in emerging technologies of Artificial Intelligence (AI), Augmented Reality (AR), and Virtual Reality (VR). The low latency, high bandwidth and fast download speeds of 5G can power immersive experiences and drive cloudbased entertainment services.