Hong Kongers will be glad to know, though, that it holds its own when it comes to homegrown luxury spending, which recently overtook foreign consumption at 55% of total purchases. This industry list figure is staggering when considering the total population of Hong Kong is roughly 7.3 million people, less than a quarter of the 60 million visitors it hosts each year. For these locally based consumers, luxury isn’t a one-off, aspirational purchase — it’s an innate part of their industry list lifestyle, which explains why 93% of shoppers intend to maintain or increase spending in luxury goods in the next five years.
This holds true especially for the younger millennial shoppers who will be driving the majority of the growth going forward. image Think with Google Share The industry list evolving nature of consumers is a common challenge for many marketers, and the luxury industry is no exception. The task at hand for brands in Hong Kong is to understand this distinct group of younger industry list customers and the behaviors that shape their expectations when it comes making high-value purchases.
A curious and demanding bunch According to our study, 90% of luxury shoppers conduct research online before making a purchase, and brand websites and search industry list engines are the two most popular sources people turn to. In fact, they’ve become the digital storefront for this generation of digital natives. image Think with Google Share Having grown up with readily available information online, millennial and Gen Z consumers spend more time on research than ever industry list before. In fact, 89% of shoppers aged 18-34 spend up to three weeks researching a luxury purchase.