Hong Kong's retail industry showed significant signs of recovery in 2024, with the rise of local brands emerging as a key highlight. During the pandemic, many international brands exited the Hong Kong market, creating opportunities for local enterprises to grow. From food to fashion, local brands are increasingly winning over consumers.
According to data from the Hong Kong Retail Management Association, retail sales in the first quarter of 2024 grew by 12% year-on-year, with local brands contributing significantly to this growth. Analysts noted that local brands have been quick to adapt to market demands, introducing products such as health-focused foods, innovative tea beverages, and eco-friendly clothing, which resonate with younger consumers.Local brands are gradually winning consumer favor. (Photo credit: Pexels)
However, local brands face challenges in expanding to international markets, particularly in brand recognition and competitiveness. Industry experts suggest that Hong Kong should enhance support policies for local businesses and work to elevate the image and influence of Hong Kong brands in the global market.