Hong Kong has been hit hard with various political crisis, quasi total loss of mainland China tourists (from 65,1m a year in 2018) and the Covid-19 pandemic, which led to a significant decrease of luxury goods demand on the market, pushing some brands to even shutting down some of their stores. Now that the perspective of seeing back mainland China tourists is still quite blurred, brands start to address local customers, who are an entirely different breed: they spend half of their mainland Chinese counterparts, have different needs, tastes, ways of communicating and even language. By tapping the opportunity of e-commerce, which is less widely used than in mainland China, and having a purposeful and tactful one to one CRM approach, HK merchants see however a potential in addressing the local high net worths.

Luxury New focus is HK hight net locals