With the increase in population in the recent trend the wholesale and retail industry is rising more significantly in the respective region. Whereas, the demand is rising by the time as the citizenry is increasing more significantly so that the retailers has set up their own online stores or blend with the other companies who are successively running an online platform for selling the goods and services around the globe. In addition, by the significant improvement in the country the retail sector of Hong Kong has grown in the present era. Not only has this, an effective increment in the wages and wide changes in the lifestyle, leaded the market growth of the retailing in Hong Kong. The customers believe that the online goods and services are more trustworthy and assured as they are ranked and rated by the genuine buyers only. The key players of this region is making effective strategies and policies for growing the requirement of the product at a reasonable rate which further lead the market growth more significantly in the coming years.
According to the report analysis, ‘Retailing in Hong Kong, Market Shares, Summary and Forecasts to 2022’ states that some of the major companies which are recently performing in this domain for attaining the handsome amount of share across the globe by introducing an online platforms and more offline stores includesLane Crawford, Bossini, Uniqlo, H&M, Giordano, Zara, Sogo, Columbia, Coach, Baleno/S&K, Wellcome, ParknShop, 7-Eleven, Circle K, Vanguar, Aeon, DCH Food Mart, Market Place, 759 store, Fusion, Broadway, Fortress, Apple, Amazon, Suning, Dell, DFS, Muji, Wing On, Mannings, Sa Sa, Watsons, Bonjour, Nu Skin, OSIM, DFS, Colourmix, Aeon, Eu Yan Sang, IKEA, JHC, Pricerite, Yata, Aeon, Lane Crawford, Sogo, Goods of Desire and several others. Moreover, the report also specify the prominent and detailed information with the market insights of consumer trends and changing behavior, fluctuating economic and demographic factors with the technological advancements and other key macroeconomic factors.
The retail market of Hong Kong is including so many products which are dominating the market share more aggressively and lead the retail market growth of Hong Kong across the globe such as health and beauty, clothing, footwear, home and garden products, luggage and leather goods, food and grocery and several others. Whereas, the retail market of Hong Kong produced negative growth in the period of 2013-2016 because of the economic slowdown, reduction in household consumption and drop in the tourism. For instance, the clothing and footwear category accounted for HKUSD 68.6 billion in 2017 and is expected to grow at a CAGR of 3.7% in the period of 2017-2022. Additionally, the electricals sales are anticipated to develop steadily in the period of 2017-2022 which is operated by increase in the minimum wages. Furthermore, the retail sector of health and beauty products is anticipated to result the highest growth with a CAGR of 31.9% to whole retail sales in 2017.
The key players are adopting strategies and policies for registering the share and making the product more attractive by which the market is become more competitive and the investor further dominate the market by supporting it financially. Therefore, it is expected that in the near future the retail market in the Hong Kong will grow more significantly over the next few years.
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