Explore Opportunities in Hong Kong’s Digital Ecosystem
As the Asia Pacific hub for global companies, Hong Kong provides a prime location for international businesses to set up Regional Headquarters and local offices to explore vast opportunities in the region. It also serves as the perfect launch pad into the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), an international innovation and technology hub that contributed 12% of China’s GDP in 2019, an amount similar to the economy of Canada.
Based on the Annual Survey 2021 by Invest Hong Kong (InvestHK), the number of companies in Hong Kong with parent companies overseas has risen to 9 049 and the number of start-ups in Hong Kong has increased to 3 755 in 2021, both reaching record highs. The record high figures demonstrate fully that Hong Kong’s business environment remains favourable in spite of the uncertainties arising from the pandemic.
Hong Kong’s digital ecosystem has evolved rapidly and is vital for the city, its people and its businesses. It impacts every aspect of life for the people of Hong Kong, who lead increasingly digital lifestyles. Hong Kong’s mobile subscriber penetration rate in 2020 stood at about 290%, one of the highest in the world. With the recently launched 5G network in the city, the Hong Kong government is adopting a multi-pronged approach in facilitating the development of the 5G network.
Together with PwC, InvestHK is pleased to present an in-depth analysis of the ever-evolving role of digital in Hong Kong’s eCommerce, Food Services and Creative Industries.
This report draws on the knowledge, data and experience of industry experts and leading market research highlighting areas of growth, success stories, key statistics and forecasts to provide insights on new digital opportunities in Hong Kong, and from the city to Greater China.
The report also examines how consumer preferences have changed and how businesses have transformed to address these changes brought by COVID-19.
Highlights of industry growth powered by digitalisation:
Consumer Products: Finding success in Asia’s eCommerce Gateway and Beyond
As an international business hub powered by a robust digital infrastructure, Hong Kong’s eCommerce market is rapidly growing, and the city is in a prime position to expand across the region. The city has a consumer base with highly digitised behaviours and lifestyles, advanced logistics infrastructure, a rich ecosystem of investors and start-ups and is a cross-border entry point to top eCommerce markets in Asia. The characteristics of Hong Kong’s eCommerce create a rare opportunity that businesses should not overlook.
Food Services: Accelerated Digital Growth and Development
As an important culinary capital of Asia, Hong Kong’s food services industry has innovated and adapted to changing consumer preferences. Consumers have embraced the benefits of going digital, and have rapidly adopted food and grocery delivery services. Businesses are likewise innovating and pushing the industry forward through sustainable product offerings, diverse business models (such as Cloud Kitchens) and digital transformation partners flourishing in the city. These opportunities will continue to grow and businesses should look to enter Hong Kong to capitalise.
Creative Industries: Driving Innovation and Future Growth
As a leader in global creative output, Hong Kong is witnessing a significant change in consumer demands resulting in digital advertising growth. Media usage, increased demand for ArtTech and Non-Fungible Tokens (NFTs), accelerated rise of Over-The-Top (OTT) video, gaming and Esports dominance are all exhibiting strong growth. Innovative companies are upgrading and updating traditional ways of working and doing business, triggering increased demand for digital media, tools and skills. This presents rich opportunities for the entire creative industry to both ride this wave and fuel digitalisation efforts simultaneously.
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