May 2nd, 2023, Samuel Tan
In February, our study on Hong Kong households’ near-term financial outlook revealed that one in five Hong Kong residents expect their household finances to improve over the next 12 months.
In this article, we explore what proportion of Hong Kong’s consumers are planning to purchase luxury goods in the next 12 months – and how this varies across different product categories. Our survey takes a broad definition of “luxury goods” – including everything from jewelry and watches, to expensive farm produce and household appliances.
We also look at which fashion brands Hong Kong’s luxury shoppers are most considering a purchase from in 2023 – and the relative importance of factors like product warranty, origin and sustainability when consumers are deciding on their final purchase?
What proportion of consumers plan to buy various kinds of luxury goods in the next 12 months?
Latest research from YouGov Surveys show that close to seven in ten consumers in Hong Kong intend to purchase luxury products in the next 12 months. This is a relatively larger proportion compared to other high-income economies in APAC, such as Singapore and Australia.
Clothing and shoes are the most popular category, where just under two-fifths (38%) plan to make luxury purchases, followed by edible goods – meat / fruit / vegetables (33%) and desserts (32%) – where a third plan to fork out.
Around a quarter of consumers are thinking of purchasing luxury bags, wallets or cases (24%) and household appliances (23%) in the next 12 months, while less than a fifth intend to splurge on luxury jewellery (17%), liquors (14%), and watches (13%) and cars (9%).
Which high fashion brands are Hong Kong’s luxury shoppers most considering buying from?
Latest data from YouGov Profiles shows that CHANEL is the most considered high fashion retailer among consumers keen on buying luxury apparel (clothes, shoes, bags, wallets, cases, jewellery, watches) in the next 12 months – a quarter (25%) are considering the brand for their next luxury purchase.
Timepiece maker Rolex (23%) and American fashion house Calvin Klein (23%) are next most popular, just ahead of LVMH-owned fashion houses Dior (22%) and Louis Vuitton (20%).
Notably, luxury fashion shoppers are significantly more likely than the average Hong Kong consumer to consider making purchases from these high fashion brands – with the exception of Rolex.
Want to find out how various mainstream fashion brands and sports apparel brands compare in terms of purchase consideration level among Hong Kong’s luxury shoppers? Speak with us to learn more.
What factors do Hong Kong’s luxury shoppers consider before making a purchase?
Latest research from YouGov Surveys reveal that when deciding between different products at similar price points, more than three in five (62%) of Hong Kong’s luxury shoppers say they consider differences in warranty periods while half (50%) evaluate differences in product origin.
Additionally, over two in five (43%) of luxury shoppers say they consider how eco-friendly the materials used in the product and to package it before making their decision.
Under a third (30%) say that being able to make repairs on the product themselves (30%) influences their purchase decision, while one in five (19%) indicate that the working conditions of people involved in the product’s creation is a factor they would consider.
This article is part of our luxury shopping in APAC series. Read the companion articles on the near-term luxury goods market in Singapore and Australia below.
Make smarter business decisions with better intelligence. Understand exactly what your audience is thinking by leveraging our panel of 20 million+ members. Speak with us today.
- To receive monthly insights about the retail industry register here.
- To read YouGov’s latest intelligence on the retail sector explore here.
- Explore our living data – for free
Methodology: YouGov Surveys: Serviced provides quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 510 and 2,044 for each market. All surveys were conducted online during February 2023. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.
YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for Hong Kong is representative of the adult online population (18 years or older), weighted by age and gender, and reflect the latest Hong Kong Census and Statistics Department (C&SD) population estimates. Learn more about Profiles.
Cover Photo by Cheung Yin on Unsplash