The retail landscape is changing Hong Kong as the global pandemic has seen a quantum shift to shopping online. 87% of small and medium-sized businesses (SMBs) have their own eCommerce platforms and digital channels. Social media is now seen as a fast, low-cost, low maintenance channel for promotion and sales. SMBs have seen a significant swing to younger shoppers during the pandemic and a 54% increase in online sales from their existing customer base.
The Carousell Media Group and the IAB SEA+India have released a new report showing a digital disruption in Hong Kong spurred on by the migration of users from offline to online with the new stay-at-home paradigm.
More than 23,000 consumers were surveyed in Hong Kong to understand attitudes to spending and investing, how people spend time online, what streaming channels they watch as well as changes in shopping behaviours.
Key findings include
- 66% of respondents aged under 35 – Millennials and Generation Zs
- environmental issues are influencing the way younger generations are shopping
- 9 out of 10 respondents (97%) will pay more for sustainable products but are alert to greenwashing
- most respondents shopping on Carousell’s recommerce platform do so for sustainability reasons rather than to save money
- online learning for personal and professional development is a priority
- half of respondents who do not own a property are saving to purchase one
- travel is a high priority for spending over the next 12 months
- crypto currency featured highly as a future investment
- Netflix and VIU are favoured streaming channels.
The Carousell Media Group and the IAB SEA+India carried out this research project in five countries in total, generating a Local Report for each country and a Regional Report summarising and comparing the results across each country. Here are the other Local Reports as well as the Regional Report :