Critical aspects of successful retailing are the qualities and quantities of shoppers that attract customers towards their offers. Being a world renowned known destination for shopping, Hong Kong has the unique distinction of having both.
Being a favorite destination for shopping of the affluent Chinese products from the Mainland, it has an unparalleled “shop window” targeting retailers and a testing bed for further future expansion. One can optimize retail business opportunities because of the presence of free port with no export or import tariffs levied on most goods, zero sales tax and low tax base.
Retail
Irrespective of whether one is a wholesaler, a retailer, involved in trading, sourcing or buying, the territory offers every individual double dual advantages to access and achieve proximity to the consumers. Throughout the year, the climate in Hong Kong is conducive for year-round outdoor and indoor shopping and four distinct seasonal variations propel seasonal consumption.
The superb location of the City coupled with its hub status in Asia, make Hong Kong a very ideal gateway to China Mainland and to other markets that are emerging. This includes manufacturing countries like Indonesia, Thailand, Vietnam and Bangladesh. It also has a huge pool of talented skills, from merchandising to design.
Jewelry
The world’s fifth largest net exporter of jewelry is Hong Kong. It is the world’s number two exporter of customized jewelry. Hong Kong is the leading centre of production for items of pure gold, the main centre for production of jade and leading distribution and trading pearls centre. Top of all, Hong Kong is also the diamond trade capital of Asia.
It has a huge concentration of suppliers, designers and buyers. Affordable manufacturing is easily reachable in Mainland China, coupled with Hong Kong’s huge talent pool, promote suitable conditions for processing which is value-added. On top of that, jewelers who are exporting to China Mainland from the territory of Hong Kong are getting benefits from nil import tariffs, in comparison to those exceeding 35% for outsiders and companies that are not compliant with CEPA.
Final fast Facts
• Most of the Hong Kong’s 48.6 million yearly visitors come with a view for shopping expressly.
• There are zero import tariffs on almost all the products and nil sales VAT or tax due to which, it is really easy to shop here.
• Shop keepers spend $3.8 US billion or more within a month, which is really impressive and huge amount.