Boston, MA -- (SBWIRE) -- 06/05/2014 -- BMI View: Hong Kong's sophisticated urban population is expected to continue to spend on non-essential items such as luxury clothing and jewellery over the next few years, leading to continued expansion of the retail sector. We forecast a strong rise in household spending across all retail subsectors. We are particularly bullish about the future growth prospects for personal care & insurance spending, which we expect to continue to constitute the highest proportion of overall household expenditure throughout our forecast period. We also forecast food & non-alcoholic drinks, housing & utilities and clothing & footwear spending to remain high through to 2018.
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The Hong Kong retail report provides an extensive and comprehensive forecast of various retail indicators including household spending and headline total spending across each retail subsector; household income and employment forecasts; and demographic forecasts. It includes a detailed breakdown of household and per capita spending across a large number of retail areas including food & drink, healthcare & insurance, consumer electronics, toys, pets, gardens and household goods among other subsectors.
Hong Kong's street markets may be a magnet for tourists, but the concept of modern retail is firmly established in the territory, with organised sales accounting for the lion's share of the total. High-end shopping malls and department stores dominate, with the Tsim Sha Tsui area (especially Canton Road) attracting designer-label devotees. Overall, we see long-term potential in the local consumer market, particularly for non-essential items and aspirational purchases by a sophisticated consumer base.
We forecast the average net household income will be around USD60,567 in 2014, with a fairly even split between the number of households in the USD5,000-plus and the USD10,000-plus wage brackets. However, a significant percentage (33.2%) of households fall into the highest USD50,000-plus wage bracket, and this is...
The Hong Kong Retail Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the retail sector. The report examines key drivers of retail sales growth and future prospects, including consumer spending and private sector investment.
BMI's Hong Kong Retail Report also examines the level of development and potential for growth of the retail sector, the commercial initiatives of major players, changing consumer demographics that influence demand and the regulatory environment. Key sub-sectors include mass grocery retail, autos, over-the-counter pharmaceuticals, computers and consumer electronics.
- Benchmark BMI's independent retail industry forecasts for Hong Kong to test other views - a key input for successful budgeting and strategic business planning in the Hong Kong retail market.
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