TOP CONSUMER ITEMS BEING CONSUMED BY HONG KONG CONSUMERS IN 2010
Due to limited land resources, Hong Kong relies on imports for over 95 percent of its food supply. The global financial crisis has not had a significant impact on Hong Kong’s food and beverage (F&B) imports – spending on food and growth within the food and grocery category is projected to reach 6.6 percent growth in 2011, moderating to 6.1 percent in 2011. Due to its central location, free port status and position as a regional purchasing and distribution centre, a significant amount of Hong Kong imports are re-exported. (Consumer Goods Retail Report)
According to The Economist’s Consumer Goods Retail Report, the Hong Kong food culture is “fresh”. Consumer preference for fresh and live products is due to tradition, as well as concerns about food safety. Overall, wet markets are strong in fresh foods, while supermarkets are strong in processed, chilled and frozen, high added value, and canned food products.
The competition between wet markets and supermarkets has intensified in recent years, with some wet markets turning air-conditioned and provide free shuttle to nearby residential areas. Hong Kong consumers are price sensitive and not generally brand loyal. They also have a preference for small and convenient packaging. Premium western food products are becoming popular with the younger middle to high income groups. (The Economist)
Hong Kong consumers are also increasingly health conscious. Hong Kong has over 50 small to medium size health food stores. The two leading supermarket chains (Welcome and ParknShop) and drug store chains (Manning’s and Watson’s) also sell natural / organic products at their outlets. Organic foods are also gaining popularity as evidenced by the growth of specialized retail outlets for organic foods. (NZ Trade &Enterprise)
Economic growth in Hong Kong remained strong in 2010. The increase in visitor arrivals raised sales in the hotel and restaurant sectors, and the luxury goods and cosmetics industry. Products and outlets which cater to the tastes of mainland Chinese tourists outperformed the market. The economic recovery which stemmed from the downturn of 2008-2009 has moved the trend buying towards luxury, value-adding boutique outlets. There is a move towards convenient and healthier food consumer trend. Environmental concerns of the consumers will be less evident than the US or EU markets.
A new WWF report shows that Hong Kong people are living well beyond the Earth’s limits, consuming over two times our planet’s capacity to sustain us. Hong Kong’s excessive reliance on imported resources such as crops, meat, seafood and timber makes it most vulnerable to a changing world.
According to the Hong Kong Ecological Footprint Report 2010, if everyone in the world lived a similar lifestyle to that of Hong Kong people, we would need the equivalent resources of 2.2 Earths. Hong Kong has the 45th largest Ecological Footprint per person compared to 150 countries with populations larger than 1 million people in 2007. (WWF)
Hong Kong is still consuming seafood and timber products which are mostly from unsustainable sources, although a massive recent increase in Forest Stewardship Council paper providers is evidence of increasing demand for sustainable products. Increases in the consumption of beef per person are less positive, where the beef consumption per person has surged in recent years, contributing to the emission of greenhouse gases. (WWF)
According to a demographic study done by Synovate, with over 1.7 million people aged 30 to 44, Generation X represents the second largest demographic group in Hong Kong after the Baby Boomers. Steve Garton, Executive Director of Media at Synovate comments: “In their prime working and earning years, along with the large size of this group, the spending power of Generation X is enormous. Generation X is the biggest spender on entertainment, dining out, and accessories such as watches; and second in spending on wear and accessories.” In a month, Generation X spent on average HKD,462 on entertainment, HKD,309 on dining out, and HKD7 on wear and accessories. Average spending in the past year on watches was over HKD,900. (Synovate)
References:
Consumer Goods Retail Report. Economist Intelligence Unit. The Economist. 12 October, 2010. Retrieved 8 June, 2011 from http://www.eiu.com/index.asp?layout=ib3Article&article_id=1187542703&pubtypeid=1122462497&country_id=1560000156&category_id=775133077&rf=0
Food and Beverage market in Hong Kong. New Zealand Trade & Enterprise. Retrieved 8 June 2011 from http://www.nzte.govt.nz/explore-export-markets/market-research-by-industry/Food-and-beverage/Pages/Food-and-beverage-market-in-Hong-Kong.aspx
Average Hong Kong Resident Consumes Double our Planet’s Capacity. WWF. 15 January, 2011. Retrieved 8 June, 2011 from http://wwf.panda.org/?uNewsID=198951
Lifestyles and Consumption Habits of Four Generations of Hong Kong Consumers Revealed by Synovate. Synovate. 17 March, 2010. Retrieved 8 June, 2011 from http://www.synovate.com/news/article/2010/03/lifestyles-and-consumption-habits-of-four-generations-of-hong-kong-consumers-revealed-by-synovate.html
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