April 10, 2020
Understanding the Hong Kong Market

Understanding the Hong Kong Market

– [Tim] The China, Hong
Kong free trade agreement gives local companies
special access to China with all goods exported to
the mainland tariff-free. In fact, almost a third of China’s trade goes through Hong Kong ports. Hong Kong is a free port and doesn’t charge duties
on imports and exports except tobacco and alcohol. Hong Kong is known as one of
the world’s shopping hot spots. According to Australia Post,
it’s not just in malls. A whopping 70% of the
population shop online. – Hong Kong consumers spend
about two and a half billion online each year. It is a small territory, only
about seven million people, but they have a real passion for shopping and, conversely, a real
passion for shopping online. – So what’s unique about the
Hong Kong online shopper? – So the Hong Kong online shopper tends to spend more per transaction. They have a higher basket size, how much they spend online when they actually go into a transaction, because they do desire prestige goods. – So how can foreign businesses access the Hong Kong
market to sell online? – So marketplace is a great strategy to access the Hong Kong consumer. They like to shop on Alibaba, especially Tmall, which
is a Chinese marketplace, but they also use
English-speaking marketplaces, like Amazon and eBay too, so you can actually launch
your product into Hong Kong on an English-speaking website without some of the
barriers around language.

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