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 brands202225-34202335-4445-5455+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