DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/429634/hong_kong_retail_r) has announced the addition of the "Hong Kong Retail Report Q4 2011" report to their offering.
Business Monitor International's Hong Kong Retail Report provides industry professionals and strategists, corporate analysts, retail associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Hong Kong's retail industry.
The Q411 BMI Hong Kong Retail report forecasts that total retail sales in the Chinese special administrative region (SAR) will grow from HKD312.30bn (US$40.29bn) in 2011 to HKD373.51bn (US$48.19bn) by 2015. Rising disposable incomes and a strong tourism industry are key factors behind the forecast growth.
Hong Kong's nominal GDP is forecast to be US$246.9bn in 2011. BMI predicts average annual GDP growth of 3.7% through to 2015. With the population increasing from 7.1mn to 7.3mn over this period, GDP per capita is forecast to rise 19.2%, from US$34,487 in 2011 to US$41,093 by 2015.
Tourism
Tourist spending contributes significantly to Hong Kong retail sales, and data from the Hong Kong Tourism Board (HKTB) show that a total of 36.03mn people visited Hong Kong in 2010, up 21.8% year on- year (y-o-y). Spending by visitors in 2010 amounted to HKD210bn (US$27bn), a rise of 32% on 2009 and the first time tourist expenditure has topped HKD200bn.
Retail Sub-Sectors
Retail sub-sectors that are forecast to achieve healthy sales growth throughout the period include over the- counter (OTC) pharmaceuticals, which are predicted to rise by more than 30% from US$0.27bn in 2011 to US$0.35bn by 2015. Automotives, meanwhile, are forecast to increase by more than 18%, from 39,544 units in 2011 to 46,806 units by 2015.
Consumer Electronics
Consumer electronics sales are predicted to grow from US$4.10bn in 2011 to US$4.87bn, a rise of nearly 19%, by the end of the forecast period as demand grows for high-end products such as multimedia notebooks, 3G phones and smartphones.
Food Retail
BMI food consumption data suggest that the food retail segment will have a market share of 30.0% in 2011. The sub-sector is forecast to be worth US$12.08bn in 2011, and sales are expected to grow to US$12.88bn by 2015. Given that expansion of non-food retail is expected significantly to exceed that of the food segment, which is a very mature industry in Hong Kong, the report forecasts suggest a reduction in the retail market share of food to 26.7% in 2015. Per-capita food consumption is still forecast to be US$1,754 in 2015, which is impressive for the region.
Retail Sales for Asia
Retail sales for the BMI universe of Asian countries in 2011 are a forecast US$3.13trn. China and India are predicted to account for nearly 91% of regional retail sales in 2011, and by 2015 their share of the regional market is expected to be more than 92%. Growth in regional retail sales for 2011-2015 is forecast by BMI at 71.6%, an annual average 14.4%. India should experience the most rapid rate of growth, followed by China. Hong Kong's forecast market share of 1.3% in 2011 is expected to ease to 0.9% by 2015.
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