Note: This report includes forecasting data that is based on baseline historical data.
Executive summary
Hong Kong was the twenty-nine largest e-commerce retail market in the world valued at US$10.8 billion (0.3% market share) in 2023, representing an increase in growth rate of 16.4% from US$5.9 billion in 2019.
Internet users in Hong Kong in 2023 reached 6.8 million, an increase of compound annual growth rate (CAGR) 1.4% from 2018 to 2023. In 2023, 96.2% of population used internet, 99.6% of households with access to internet.
In 2023, online retail sales via mobile device were valued at US$8.3 billion, at the growth rate of CAGR 20.6% from 2018 to 2023, followed by purchases via personal computer US$2.3 billion at the growth rate of CAGR 10.3% from 2018 to 2023.
E-commerce sales reached US$10.8 billion in 2023 with the growth of CAGR 17.9% from 2018 to 2023. Health and Beauty Care E-Commerce recorded the biggest growth of CAGR 30.5%.
Cross border e-commerce retail sales in Hong Kong were valued at US$3.2 billion in 2023 (29.6% market share), with domestic e-commerce retail sales representing US$7.6 billion (70.4% market share). In 2023, foodservice sales by device and platform were valued at US$1.9 billion.
Hong Kong Technology Venture Co Ltd and Amazon.com Inc were the largest companies in terms of e-commerce sales in Hong Kong with retail values of US$984.8 million and US$466.5 million respectively in 2023.
Internet users in Macao in 2023 reached 612.8 thousand million, an increase of CAGR 3.5% from 2018 to 2023. In 2023, 92% of population used internet, 94.1% of households with access to internet.
Note: Limited data on Macao from Euromonitor and other resources.
Country economic profile – Hong Kong
Hong Kong is a special administrative region of the People's Republic of China. With 7.4 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated territories in the world.
In 2023, the gross domestic product (GDP) of Hong Kong amounted to around 377 billion U.S. dollars at current prices, equivalent to around 2.95 trillion Hong Kong dollars. In 2023, Hong Kong's economy rebounded, with 3.2% GDP growth, driven by private spending and inbound tourism; however, economic growth was below the Asia Pacific average. A slowdown is expected in 2024, amid such factors as slower tourism development, tight monetary policy and the diminishing impact of the post-pandemic recovery. Over the year, inflation rose to 2.1%, remaining relatively low, with a slight increase forecast for 2024.(Euromonitor 2024, Economy, Finance and Trade: Hong Kong). The Hong Kong economy recorded moderate growth in the first quarter of 2024. According to the advance estimates, real GDP grew by 2.7% in the first quarter of 2024 over a year earlier.
Income and expenditure
Hong Kong continues to record high levels of income inequality, as indicated by the Gini index. In 2023, the top 10% of households, known as Decile 10, had an average annual disposable income of US$478,892, accounting for 39.8% of the country's total disposable income. In contrast, the bottom 10% of households, or Decile 1, earned an average of US$8,445, representing a mere 0.7% of total disposable income. The significant income disparity can be attributed to the structure of Hong Kong's economy, which is highly services-orientated, with finance, real estate and professional services being the key sectors (Euromonitor 2024).
Global e-commerce retail market in Hong Kong
In 2023, global e-commerce retail markets were valued at US$3.99 trillion, representing an increase in CAGR (compound annual growth rate) of 16.3% from US$2.2 trillion in 2019. China was the largest e-commerce retail market with US$1.3 trillion (33.4% market share) in 2023, followed by the United States (U.S) valued at US$1.2 trillion (29.8% market share) and the United Kingdom (U.K) with values of US$159.5 billion (4.0% market share).
Hong Kong was the twenty-nine largest e-commerce retail market in the world valued at US$10.8 billion (0.3% market share) in 2023, representing an increase in growth rate of 16.4% from US$5.9 billion in 2019.
In the forecast period, global e-commerce retail markets are expected to continue to experience increasing growth, with a CAGR of 11.9%, attaining US$6.2 trillion by 2028. Similarly, Hong Kong is also expected to experience a positive CAGR of 7.7% as e-commerce retail sales reach US$14.6 billion by 2028.
| Country | 2019 | 2023 | CAGR* % 2018-2023 | Market share % in 2023 | 2024 | 2028 | CAGR* % 2023-2028 |
|---|---|---|---|---|---|---|---|
|
World |
2,182,411.7 |
3,985,931.6 |
16.3 |
100.0 |
4,381,756.2 |
6,248,893.2 |
11.9 |
|
China |
717,016.1 |
1,330,909.5 |
16.7 |
33.4 |
1,482,921.3 |
2,139,468.4 |
12.6 |
|
United States |
641,391.5 |
1,186,298.5 |
16.6 |
29.8 |
1,289,545.6 |
1,779,726.9 |
10.7 |
|
United Kingdom |
100,310.3 |
159,464.8 |
12.3 |
4.0 |
175,057.1 |
260,279.0 |
13.0 |
|
South Korea |
93,885.8 |
151,834.3 |
12.8 |
3.8 |
168,776.1 |
218,853.4 |
9.6 |
|
Japan |
114,806.8 |
126,553.0 |
2.5 |
3.2 |
129,759.8 |
172,485.1 |
8.0 |
|
India |
30,188.3 |
63,048.4 |
20.2 |
1.6 |
78,872.1 |
155,493.1 |
25.3 |
|
Indonesia |
17,813.6 |
60,366.7 |
35.7 |
1.5 |
72,438.7 |
131,016.7 |
21.4 |
|
Russia |
29,440.9 |
90,811.7 |
32.5 |
2.3 |
98,014.2 |
126,311.3 |
8.6 |
|
Germany |
71,940.3 |
95,935.9 |
7.5 |
2.4 |
98,465.5 |
117,889.0 |
5.3 |
|
Brazil |
21,077.4 |
50,584.8 |
24.5 |
1.3 |
57,479.9 |
92,545.5 |
16.3 |
|
Canada 12 |
25,962.5 |
55,101.5 |
20.7 |
1.4 |
57,243.7 |
76,849.3 |
8.7 |
|
Hong Kong 29 |
5,905.8 |
10,847.7 |
16.4 |
0.3 |
11,254.0 |
14,605.9 |
7.7 |
|
Source: Euromonitor International, 2024 1: goods *CAGR: Compound Annual Growth Rate |
|||||||
E-commerce market-internet users and social media users Hong Kong
Internet users in Hong Kong in 2023 reached 6.8 million, an increase of CAGR 1.4% from 2018 to 2023. In 2023, 96.2% of population used internet, 99.6% of households with access to internet. 95.4% of households with access to broadband internet, 95.9% of internet access: once a week, 94.4% internet access: daily, 62.5% internet use: internet banking, 30.5% internet use: selling goods and services, 71.3% internet use: telephoning or making video calls, 42.9% of uses of a Laptop, notebook, netbook or tablet to access the internet, 99.9% of use of a mobile phone to access the internet. Internet use: Internet banking recorded the highest growth at a CAGR of 11.6% from 2018 to 2023.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | CAGR* % 2018-2023 |
|---|---|---|---|---|---|---|---|
|
Internet Users (000) |
6,502.8 |
6,648.1 |
6,685.4 |
6,687.5 |
6,820.1 |
6,863.5 |
1.4 |
|
% of Population Using The Internet |
90.5 |
91.7 |
92.4 |
93.1 |
95.6 |
96.2 |
1.5 |
|
% of Population Using The Internet Away from Home or Workplace |
60.4 |
63.4 |
66.0 |
68.4 |
72.2 |
74.5 |
5.4 |
|
% of Households with Access to Internet |
92.3 |
94.1 |
93.9 |
94.4 |
96.1 |
96.6 |
1.1 |
|
% of Households with Access to Broadband Internet |
90.9 |
92.8 |
92.6 |
93.1 |
94.8 |
95.4 |
1.2 |
|
Frequency of Internet Access: Once a Week Including Daily |
92.1 |
92.8 |
95.3 |
95.9 |
N/C |
||
|
Frequency of Internet Access: Daily |
90.7 |
91.3 |
93.8 |
94.4 |
N/C |
||
|
Internet Use: Internet Banking |
40.3 |
44.6 |
48.8 |
53.0 |
58.4 |
62.5 |
11.6 |
|
Internet Use: Selling Goods or Services |
28.4 |
29.0 |
29.2 |
29.5 |
30.3 |
30.5 |
1.8 |
|
Internet Use: Telephoning or Making Video Calls |
58.3 |
61.5 |
63.9 |
66.2 |
69.5 |
71.3 |
5.2 |
|
Use of a Laptop, Notebook, Netbook or Tablet to Access the Internet |
41.0 |
41.7 |
42.1 |
42.6 |
42.9 |
42.9 |
1.1 |
|
Use of a Mobile Phone to Access the Internet |
99.6 |
99.7 |
99.8 |
99.9 |
99.9 |
99.9 |
0.1 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate NC: Not calculable |
|||||||
In 2023, 5.4 million used Facebook, 4.4 million used Instagram, 1.5 million used Linkedin, 2.0 million used Twitter, 6.6 million used YouTube, 1.9 million used WeiBo.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | CAGR* % 2018-2023 |
|---|---|---|---|---|---|---|---|
|
|
5,249.6 |
5,431.9 |
5,123.3 |
5,550.6 |
5,708.4 |
5,408.4 |
0.7 |
|
|
2,660.3 |
2,282.0 |
2,769.3 |
3,952.3 |
4,474.0 |
4,392.6 |
13.4 |
|
|
1,040.4 |
1,396.1 |
1,470.8 |
1,397.7 |
1,343.6 |
1,503.1 |
9.6 |
|
|
1,235.5 |
1,728.5 |
2,005.6 |
1,979.5 |
1,957.4 |
2,045.3 |
13.4 |
|
YouTube |
4,840.3 |
5,022.3 |
5,060.9 |
5,811.4 |
6,255.4 |
6,556.4 |
7.9 |
|
|
971.2 |
1,006.5 |
1,053.2 |
1,698.6 |
1,836.9 |
1,867.5 |
17.8 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate |
|||||||
Hong Kong's digital landscape
In 2023, online retail sales via mobile device were valued at US$8.3 billion, at the growth rate of CAGR 20.6% from 2018 to 2023, followed by purchases via personal computer US$2.3 billion at the growth rate of CAGR 10.3% from 2018 to 2023. App M-Commerce grew at a CAGR of 28.0%, mobile Web M-Commerce grew at a CAGR of 11.1%, mobile phone M-Commerce grew at a CAGR of 20.6% and Tablet M-Commerce grew at a CAGR of 8.9% from 2018 to 2023.
Forecasted growth is expected to continue at the rates varying from 0.1% (PC E-Commerce) to 8.8% (App M-Commerce) from 2023 to 2028.
| Category | 2018 | 2023 | CAGR* % 2018-2023 | 2024 | 2028 | CAGR* % 2023-2028 |
|---|---|---|---|---|---|---|
|
Retail E-Commerce By Device and Platform |
4,815.3 |
10,847.2 |
17.6 |
11,213.4 |
14,590.5 |
6.1 |
|
Retail M-Commerce[1] By Platform |
3,396.7 |
8,534.5 |
20.2 |
8,978.5 |
12,270.6 |
7.5 |
|
Retail - App M-Commerce |
1,603.2 |
5,504.8 |
28.0 |
5,925.8 |
8,405.4 |
8.8 |
|
Retail - Mobile Web M-Commerce |
1,793.5 |
3,029.8 |
11.1 |
3,052.7 |
3,865.2 |
5.0 |
|
Retail M-Commerce By Device |
3,396.7 |
8,534.5 |
20.2 |
8,978.5 |
12,270.6 |
7.5 |
|
Retail - Mobile Phone M-Commerce |
3,257.4 |
8,321.2 |
20.6 |
8,754.1 |
11,976.1 |
7.6 |
|
Retail - Tablet M-Commerce |
139.3 |
213.4 |
8.9 |
224.5 |
294.5 |
6.7 |
|
Retail PC[2] E-Commerce |
1,418.6 |
2,312.6 |
10.3 |
2,234.8 |
2,319.9 |
0.1 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate 1: Mobile commerce 2: Personal computer |
||||||
In 2023, total online travel by device and platform were valued at US$13.4 billion, among which purchases via personal computer was US$8.9 billion. Purchases via App reached US$3.3 billion while purchase via Web reached $1.2 billion. Purchase via mobile phone reached US$3.9 billion while purchase via tablet reached US$552.5 million in 2023.
All device types made increases in growth rates within the historic period, ranging from 17.7% (via Tablet) to 14.6% (via Web) except −2.9% (via PC e-commerce) from 2018 to 2023.
| Category | 2018 | 2023 | CAGR* % 2018-2023 | 2024 | 2028 | CAGR* % 2023-2028 |
|---|---|---|---|---|---|---|
|
Travel e-commerce by device and platform |
12,429.6 |
13,380.9 |
1.5 |
16,869.3 |
25,868.0 |
14.1 |
|
Travel M-Commerce[1] |
2,105.5 |
4,455.3 |
16.2 |
4,892.4 |
6,896.4 |
9.1 |
|
Travel M-Commerce By Platform |
2,105.5 |
4,455.3 |
16.2 |
4,892.4 |
6,896.4 |
9.1 |
|
Travel - App M-Commerce |
1,511.8 |
3,283.5 |
16.8 |
3,742.7 |
5,730.9 |
11.8 |
|
Travel - Mobile Web M-Commerce |
593.8 |
1,171.7 |
14.6 |
1,149.7 |
1,165.5 |
−0.1 |
|
Travel M-Commerce By Device |
2,105.5 |
4,455.3 |
16.2 |
4,892.4 |
6,896.4 |
9.1 |
|
Travel - Mobile Phone M-Commerce |
1,861.3 |
3,902.8 |
16.0 |
4,324.9 |
6,310.2 |
10.1 |
|
Travel - Tablet M-Commerce |
244.2 |
552.5 |
17.7 |
567.5 |
586.2 |
1.2 |
|
Travel PC[2] E-Commerce |
10,324.1 |
8,925.7 |
−2.9 |
11,976.9 |
18,971.6 |
16.3 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate 1: Mobile commerce 2: Personal computer |
||||||
Lodging e-commerce recorded the biggest expense at US$4.9 billion in 2023, followed by experiences and attractions e-commerce at US$3.4 billion and air travel e-commerce at US$2.8 billion. Top three projected growth will be cruise e-commerce at a CAGR of 31.6%, car rental e-commerce at 30.4% and packages e-commerce at 23.8% from 2023 to 2028 although they were at −16.9%, −11.7% and −11.4% from 2018 to 2023 respectively due to the Covid-19.
| Category | 2018 | 2023 | CAGR* % 2018-2023 | 2024 | 2028 | CAGR* % 2023-2028 |
|---|---|---|---|---|---|---|
|
Travel E-Commerce By type |
12,429.6 |
13,380.9 |
1.5 |
16,869.3 |
25,868.0 |
14.1 |
|
Air Travel E-Commerce |
2,011.3 |
2,837.7 |
7.1 |
3,340.8 |
4,517.8 |
9.7 |
|
Car Rental E-Commerce |
4.1 |
2.2 |
−11.7 |
3.6 |
8.3 |
30.4 |
|
Cruise E-Commerce |
724.2 |
287.5 |
−16.9 |
495.2 |
1,135.2 |
31.6 |
|
Experiences and Attractions E-Commerce |
2,295.1 |
3,386.4 |
8.1 |
4,376.1 |
6,451.6 |
13.8 |
|
Lodging (Source) E-Commerce |
4,790.3 |
4,922.2 |
0.5 |
5,598.9 |
8,566.8 |
11.7 |
|
Packages E-Commerce |
2,275.2 |
1,240.6 |
−11.4 |
2,008.0 |
3,607.0 |
23.8 |
|
Surface Travel E-Commerce |
314.9 |
682.2 |
16.7 |
1,016.5 |
1,530.5 |
17.5 |
|
Other Travel Products E-Commerce |
14.5 |
21.9 |
8.6 |
30.2 |
50.9 |
18.4 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate |
||||||
Hong Kong's e-commerce market: retail sales
E-commerce sales reached US$10.8 billion in 2023 with the growth of CAGR 17.9% from 2018 to 2023. Health and Beauty Care E-Commerce recorded the biggest growth of CAGR 30.5% followed by Other Products E-Commerce at a CAGR 24.8% and Foods E-Commerce at a CAGR 22.0% from 2018 to 2023.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | CAGR* % 2018-2023 |
|---|---|---|---|---|---|---|---|
|
Retail E-Commerce by Product |
4,764.5 |
5,843.5 |
8,134.0 |
9,406.9 |
11,194.2 |
10,847.2 |
17.9 |
|
Fashion E-Commerce |
1,367.2 |
1,569.0 |
2,256.4 |
2,446.3 |
2,623.4 |
2,874.1 |
16.0 |
|
Health and Beauty E-Commerce |
191.6 |
354.2 |
573.7 |
622.3 |
718.9 |
726.4 |
30.5 |
|
Appliances and Electronics E-Commerce |
1,230.9 |
1,516.3 |
1,992.9 |
1,900.2 |
1,827.6 |
1,816.3 |
8.1 |
|
Drinks and Tobacco E-Commerce |
160.6 |
192.1 |
247.2 |
328.0 |
267.8 |
229.7 |
7.4 |
|
Foods E-Commerce |
140.6 |
166.4 |
278.5 |
310.9 |
380.1 |
379.4 |
22.0 |
|
Home Products E-Commerce |
298.8 |
391.2 |
464.2 |
577.4 |
649.5 |
656.2 |
17.0 |
|
Other Products E-Commerce |
1,374.8 |
1,654.3 |
2,321.2 |
3,221.9 |
4,726.9 |
4,165.0 |
24.8 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate |
|||||||
Besides other E-Commerce Retailers growing at a CAGR of 30.0% from 2018 to 2023, Grocery E-Commerce enjoys the fastest growth of CAGR 28.2% followed by Home Products Specialist E-Commerce to a CAGR 23.0% and Health and Beauty Specialist E-Commerce at CAGR 17.9% from 2018 to 2023.
According to the latest research by Hong Kong Business School, which interviewed over 2,000 online shoppers in Hong Kong, clothing and footwear, home products, and packaged food are the most popular online purchases amongst females. Meanwhile, electronic gadgets and devices, home products, and clothing and footwear are popular amongst males (Euromonitor 2024).
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | CAGR* % 2018-2023 |
|---|---|---|---|---|---|---|---|
|
Retail E-Commerce by Type |
4,764.5 |
5,843.5 |
8,134.0 |
9,406.9 |
11,194.2 |
10,847.2 |
17.9 |
|
Marketplace E-Commerce |
1,047.0 |
1,232.9 |
1,761.0 |
1,756.4 |
2,092.7 |
2,027.2 |
14.1 |
|
First-Party (1P) Marketplace E-Commerce |
136.3 |
158.2 |
179.1 |
82.2 |
90.4 |
85.0 |
−9.0 |
|
Third-Party (3P) Marketplace E-Commerce |
910.7 |
1,074.7 |
1,581.9 |
1,674.2 |
2,002.3 |
1,942.3 |
16.4 |
|
Grocery E-Commerce |
117.9 |
139.4 |
328.0 |
422.7 |
443.4 |
408.9 |
28.2 |
|
General Merchandiser E-Commerce |
827.6 |
1,099.3 |
1,559.9 |
1,801.5 |
1,969.1 |
1,870.6 |
17.7 |
|
Apparel and Footwear Specialist E-Commerce |
816.9 |
1,005.7 |
1,347.1 |
1,541.2 |
1,670.7 |
1,610.6 |
14.5 |
|
Appliances and Electronics Specialist E-Commerce |
761.7 |
885.7 |
1,099.9 |
1,270.5 |
1,328.9 |
1,359.5 |
12.3 |
|
Health and Beauty Specialist E-Commerce |
255.0 |
311.3 |
447.9 |
531.3 |
588.7 |
579.9 |
17.9 |
|
Home Products Specialist E-Commerce |
216.7 |
227.5 |
351.7 |
660.1 |
639.7 |
610.9 |
23.0 |
|
Leisure and Personal Goods Specialist E-Commerce |
189.9 |
173.1 |
170.8 |
305.9 |
371.4 |
408.5 |
16.6 |
|
Other E-Commerce Retailers |
531.7 |
768.6 |
1,067.8 |
1,117.1 |
2,089.5 |
1,971.1 |
30.0 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate |
|||||||
Cross-border e-commerce
Cross border e-commerce retail sales in Hong Kong were valued at US$3.2 billion in 2023 (29.6% market share), with domestic e-commerce retail sales representing US$7.6 billion (70.4% market share).
| Country | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | CAGR* % 2018-2023 |
|---|---|---|---|---|---|---|---|
|
Retail E-Commerce |
4,764.5 |
5,843.5 |
8,134.0 |
9,406.9 |
11,194.2 |
10,847.2 |
17.9 |
|
Cross-Border Retail E-Commerce |
1,192.3 |
1,442.3 |
2,048.7 |
2,348.9 |
2,934.9 |
3,213.6 |
21.9 |
|
Domestic Retail E-Commerce |
3,572.2 |
4,401.2 |
6,085.3 |
7,058.0 |
8,259.3 |
7,633.5 |
16.4 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate |
|||||||
E-commerce market: retail sales of goods and services (foodservice) – Hong Kong
In 2023, bill Payments E-Commerce By Device and Platform reached US$9.8 billion, Bill Payments M-Commerce reached US$4.0 billion followed by purchases via personal computer US$5.8 billion. Purchases via App reached US$2.9 billion while purchase via Web reached $1.1 billion. Purchase via mobile phone reached US$3.8 billion while purchase via tablet reached US$241.5 million in 2023.
All device types made increases in growth rates except mobile web (−0.5%) within the historic period, ranging from 33.4% (via App) to 5.1% (PC E-commerce) from 2018 to 2023.
| Category | 2018 | 2023 | CAGR* % 2018-2023 | 2024 | 2028 | CAGR* % 2023-2028 |
|---|---|---|---|---|---|---|
|
Bill Payments E-Commerce By Device and Platform |
6,348.6 |
9,811.5 |
9.1 |
10,344.8 |
11,972.8 |
4.1 |
|
Bill Payments M-Commerce |
1,835.4 |
4,024.7 |
17.0 |
4,273.4 |
5,236.9 |
5.4 |
|
Bill Payments M-Commerce By Platform |
1,835.4 |
4,024.7 |
17.0 |
4,273.4 |
5,236.9 |
5.4 |
|
Bill Payments - App M-Commerce |
686.4 |
2,901.8 |
33.4 |
3,329.0 |
4,723.7 |
10.2 |
|
Bill Payments - Mobile Web M-Commerce |
1,149.0 |
1,122.9 |
−0.5 |
944.4 |
513.2 |
−14.5 |
|
Bill Payments M-Commerce By Device |
1,835.4 |
4,024.7 |
17.0 |
4,273.4 |
5,236.9 |
5.4 |
|
Bill Payments - Mobile Phone M-Commerce |
1,688.6 |
3,783.2 |
17.5 |
4,025.6 |
4,959.3 |
5.6 |
|
Bill Payments - Tablet M-Commerce |
146.8 |
241.5 |
10.5 |
247.9 |
277.6 |
2.8 |
|
Bill Payments PC E-Commerce |
4,513.2 |
5,786.8 |
5.1 |
6,071.3 |
6,735.9 |
3.1 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate |
||||||
In 2023, Ticketed Entertainment E-Commerce By Device and Platform reached US$112.9 million, Ticketed Entertainment M-Commerce reached US$85.5 million followed by purchases via personal computer US$27.5 million. Purchases via App reached US$81.4 million while purchase via Web reached $4.1 million. Purchase vial mobile phone reached US$84.6 million while purchase via tablet reached US$0.9 million in 2023.
Ticketed Entertainment E-Commerce By Device and Platform increased in growth by 5.3% from 2018 to 2023 while Ticketed Entertainment PC E-Commerce declined in growth by −1.3 from 2018 to 2023.
| Category | 2018 | 2023 | CAGR* % 2018-2023 | 2024 | 2028 | CAGR* % 2023-2028 |
|---|---|---|---|---|---|---|
|
Ticketed EntertainmentE-Commerce By Device and Platform |
87.4 |
112.9 |
5.3 |
134.1 |
208.7 |
13.1 |
|
Ticketed Entertainment M-Commerce |
58.1 |
85.5 |
8.0 |
102.2 |
163.6 |
13.9 |
|
Ticketed Entertainment M-Commerce By Platform |
58.1 |
85.5 |
8.0 |
102.2 |
163.6 |
13.9 |
|
Ticketed Entertainment - App M-Commerce |
53.1 |
81.4 |
8.9 |
98.2 |
163.6 |
15.0 |
|
Ticketed Entertainment - Mobile Web M-Commerce |
5.0 |
4.1 |
−3.9 |
4.0 |
N/C |
|
|
Ticketed Entertainment M-Commerce By Device |
58.1 |
85.5 |
8.0 |
102.2 |
163.6 |
13.9 |
|
Ticketed Entertainment - Mobile Phone M-Commerce |
56.4 |
84.6 |
8.4 |
101.2 |
162.1 |
13.9 |
|
Ticketed Entertainment - Tablet M-Commerce |
1.7 |
0.9 |
−11.9 |
1.0 |
1.5 |
10.8 |
|
Ticketed Entertainment PC E-Commerce |
29.4 |
27.5 |
−1.3 |
31.9 |
45.1 |
10.4 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate N/C: Not calculable |
||||||
In 2023 Streaming Services E-Commerce By Device and Platform reached US$516.7 million. Streaming Services M-Commerce reached US$342.3 million followed by purchases via personal computer US$174.4 million. Purchases via App reached US$327.2 million while purchase via Web reached $15.1 million. Purchase vial mobile phone reached US$307.4 million while purchase via tablet reached US$34.9 million in 2023.
All device types made increases in growth rates within the historic period, ranging from 38.3% (via App) to 24.7% (via Web) except −0.3% (via PC e-commerce) from 2018 to 2023.
| Category | 2018 | 2023 | CAGR* % 2018-2023 | 2024 | 2028 | CAGR* % 2023-2028 |
|---|---|---|---|---|---|---|
|
Streaming Services E-Commerce By Device and Platform |
246.2 |
516.7 |
16.0 |
568.2 |
706.2 |
6.4 |
|
Streaming Services M-Commerce |
69.7 |
342.3 |
37.5 |
381.9 |
498.8 |
7.8 |
|
Streaming Services M-Commerce By Platform |
69.7 |
342.3 |
37.5 |
381.9 |
498.8 |
7.8 |
|
Streaming Services - App M-Commerce |
64.6 |
327.2 |
38.3 |
366.6 |
483.8 |
8.1 |
|
Streaming Services - Mobile Web M-Commerce |
5.0 |
15.1 |
24.7 |
15.3 |
15.0 |
−0.1 |
|
Streaming Services M-Commerce By Device |
69.7 |
342.3 |
37.5 |
381.9 |
498.8 |
7.8 |
|
Streaming Services - Mobile Phone M-Commerce |
61.4 |
307.4 |
38.0 |
344.1 |
453.4 |
8.1 |
|
Streaming Services - Tablet M-Commerce |
8.3 |
34.9 |
33.3 |
37.8 |
45.4 |
5.4 |
|
Streaming Services PC E-Commerce |
176.6 |
174.4 |
−0.3 |
186.2 |
207.4 |
3.5 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate |
||||||
In 2023, foodservice sales by device and platform were valued at US$1.9 billion. Purchases via App reached US$1.62 billion while purchase via Web reached $60.5 million. Purchase vial mobile phone reached US$1.63 billion while purchase via tablet reached US$48.8 million in 2023.
All device types made significant increases in growth rates except via PC e-commerce (−9.2%) within the historic period, ranging from 143.3% (via App) to 119.0% (via Web) from 2018 to 2023.
| Category | 2018 | 2023 | CAGR* % 2018-2023 | 2024 | 2027 | CAGR* % 2023-2027 |
|---|---|---|---|---|---|---|
|
Foodservice E-Commerce By Device and Platform |
380.8 |
1,904.0 |
38.0 |
1,939.8 |
2,291.3 |
4.7 |
|
Foodservice - M-Commerce[1] By Platform |
20.2 |
1,681.8 |
142.2 |
1,721.4 |
2,083.3 |
5.5 |
|
Foodservice - App M-Commerce |
19.0 |
1,621.2 |
143.3 |
1,662.9 |
2,016.6 |
5.6 |
|
Foodservice - Mobile Web M-Commerce |
1.2 |
60.5 |
119.0 |
58.5 |
66.7 |
2.5 |
|
Foodservice - M-Commerce By Device |
20.2 |
1,681.8 |
142.2 |
1,721.4 |
2,083.3 |
5.5 |
|
Foodservice - Mobile Phone M-Commerce |
19.3 |
1,633.0 |
142.9 |
1,671.5 |
2,025.0 |
5.5 |
|
Foodservice - Tablet M-Commerce |
0.9 |
48.8 |
122.2 |
49.9 |
58.3 |
4.5 |
|
Foodservice -PC[2] E-Commerce |
360.6 |
222.2 |
−9.2 |
218.4 |
208.1 |
−1.6 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate 1: Mobile commerce 2: Personal computer |
||||||
Top e-commerce companies and brands – Hong Kong
Hong Kong Technology Venture Co Ltd and Amazon.com Inc were the largest companies in terms of e-commerce sales in Hong Kong with retail values of US$984.8 million and US$466.5 million respectively in 2023. Of note, AS Watson Group accumulated the largest growth of 36.0% as sales increased from US$15.1 million in 2018 to the most recent value of US$70.2 million in 2023. In contrast, eBay Inc experienced the largest decline in growth rate (−13.2%), as sales declined from US$139.7 million in 2018 to US$68.9 million in 2023.
| Company | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | CAGR* % 2018-2023 |
|---|---|---|---|---|---|---|---|
|
Hong Kong Technology Venture Co Ltd |
835.5 |
1,021.8 |
984.8 |
N/C |
|||
|
Amazon.com Inc |
310.1 |
355.7 |
425.7 |
416.3 |
476.1 |
466.5 |
8.5 |
|
Apple Inc |
220.5 |
237.6 |
265.3 |
292.7 |
314.5 |
329.8 |
8.4 |
|
Rocket Internet AG |
94.6 |
121.9 |
140.2 |
185.6 |
225.4 |
222.2 |
18.6 |
|
ASOS Plc |
83.3 |
101.9 |
119.6 |
167.9 |
206.0 |
203.9 |
19.6 |
|
Rakuten Group Inc |
87.0 |
127.7 |
141.0 |
N/C |
|||
|
Sa Sa International Holdings Ltd |
52.6 |
44.3 |
64.7 |
89.5 |
112.9 |
112.0 |
16.3 |
|
Alibaba Group Holding Ltd |
47.3 |
57.1 |
69.8 |
71.9 |
80.1 |
91.2 |
14.0 |
|
AS Watson Group |
15.1 |
19.2 |
28.4 |
41.0 |
62.7 |
70.2 |
36.0 |
|
eBay Inc |
139.7 |
157.4 |
179.0 |
81.9 |
66.0 |
68.9 |
−13.2 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate N/C: Not calculable |
|||||||
HKTVmall (Hong Kong Technology Venture Co Ltd) and Amazon Marketplace were the top e-commerce brands in Hong Kong with US$984.8 million and US$468.5 million respectively in 2023. Asos (ASOS Plc) experienced the largest increase in growth rate (20%) as the value increased from US$83.3 million 2018 to US$203.9 million in 2023.
| Brand | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | CAGR* % 2017-2021 |
|---|---|---|---|---|---|---|---|
|
HKTVmall (Hong Kong Technology Venture Co Ltd) |
835.5 |
1,021.8 |
984.8 |
N/C |
|||
|
Amazon Marketplace (Amazon.com Inc) |
310.1 |
355.7 |
425.7 |
416.3 |
476.1 |
466.5 |
9 |
|
App Store (Apple Inc) |
156.2 |
172.2 |
193.1 |
214.5 |
231.7 |
248.7 |
10 |
|
Zalora (Rocket Internet AG) |
94.6 |
121.9 |
140.2 |
185.6 |
225.4 |
222.2 |
19 |
|
Asos (ASOS Plc) |
83.3 |
101.9 |
119.6 |
167.9 |
206.0 |
203.9 |
20 |
|
Rakuten Marketplace (Rakuten Group Inc) |
87.0 |
127.7 |
141.0 |
N/C |
|||
|
Sasa (Sa Sa International Holdings Ltd) |
52.6 |
44.3 |
64.7 |
89.5 |
112.9 |
112.0 |
16 |
|
Tmall Marketplace (Alibaba Group Holding Ltd) |
47.3 |
57.1 |
69.8 |
71.9 |
80.1 |
91.2 |
14 |
|
Apple.com (Apple Inc) |
64.3 |
65.4 |
72.2 |
78.1 |
82.8 |
81.1 |
5 |
|
eBay Marketplace (eBay Inc) |
63.1 |
71.3 |
84.1 |
81.9 |
66.0 |
68.9 |
2 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate N/C: Not calculable |
|||||||
Opportunities for Canada
The Regional Comprehensive Economic Partnership ("RCEP") Agreement is a Free Trade Agreement ("FTA") between 15 countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, Viet Nam, Australia, China, Japan, Republic of Korea, and New Zealand.
It is the world's largest FTA, comprising about 30% of global GDP and about a third of the world's population. RCEP negotiations were formally launched at the 2012 ASEAN Summit in Cambodia and the Agreement was signed on 15 November 2020. The quorum for entry into force was met in November 2021.
The RCEP Agreement entered into force on 1 January 2022 for ten participating countries (Australia, Brunei Darussalam, Cambodia, China, Japan, Lao PDR, New Zealand, Singapore, Thailand and Vietnam). It has also entered into force for South Korea (1 February), Myanmar (4 March) and Malaysia (18 March).
RCEP will grant Hong Kong companies preferential access to the large and growing markets of member countries, including economic giants like China, Japan, and South Korea - markets where Hong Kong currently lacks bilateral trade agreements.
Given Hong Kong's close economic relationships with many of the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) members, and that Hong Kong has reached agreement with many of them on FTAs, Hong Kong could potentially benefit from the more active regional economic and trade activities arising from the CPTPP.
The Canadian Chamber of Commerce in Hong Kong is a proactive, non-government body that provides an extensive networking platform for over 1200 members with business interests in Canada, Hong Kong, Mainland China, and the broader Asia-Pacific region.
Please check: Doing business in Hong Kong, Special Administrative Region (HKSAR). Explore opportunities to grow your footprint in Hong Kong, Special Administrative Region (HKSAR) with the help of the Trade Commissioner Service (TCS). Read more about the trade relationship between Canada and Hong Kong including: market facts, risks of doing business and other insights.
Economic profile – Macao
Macao is a special administrative region of the People's Republic of China. With a population of about 710,000 people and a land area of 32.9 square kilomtres (12.7 square miles), it is the most densely populated region in the world. Hong Kong is the world's 12th richest region in 2023, according to a report released by Global Finance magazine, lagging behind Macao which comes in fifth.
In 2023, the GDP of Macao amounted to around 47 billion U.S. dollars. Real GDP grew by approximately 80.5 percent that year (Statista, 2024).
Its gambling industry is seven times larger than that of Las Vegas. The city has one of the highest per capita incomes in the world, US$43,770 in 2021, and its GDP per capita by purchasing power parity is one of the highest in the world.
Macao's gaming sector dominates the economy and is a primary source of government revenue. The Government of Macao (GOM) taxes casinos for 40 percent of gaming revenue, which includes a direct tax of 35 percent and a five percent contribution for social and welfare purposes.
E-commerce market-internet users and social media users – Macao
Internet users in Macao in 2023 reached 612.8 thousand, an increase of CAGR 3.5% from 2018 to 2023. In 2023, 92% of population used internet, 94.1% of households with access to internet. 92.6% of households with access to broadband internet. Population using the internet recorded the highest growth at a CAGR of 1.9% from 2018 to 2023.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | CAGR* % 2018-2023 |
|---|---|---|---|---|---|---|---|
|
Internet Users (000) |
515.0 |
540.7 |
560.8 |
579.1 |
596.0 |
612.8 |
3.5 |
|
% of Population Using The Internet |
83.8 |
86.5 |
88.1 |
89.5 |
90.8 |
92.0 |
1.9 |
|
% of Households with Access to Internet |
90.2 |
92.3 |
92.8 |
93.3 |
93.7 |
94.1 |
0.9 |
|
% of Households with Access to Broadband Internet |
87.3 |
89.7 |
90.5 |
91.3 |
91.9 |
92.6 |
1.2 |
|
Source: Euromonitor International, 2024 *CAGR: Compound Annual Growth Rate |
|||||||
With proximity to Hong Kong and as well as the Greater Bay Area, Macao is considered a natural extension for established e-commerce players like Tmall Global, JD.com, Pinduoduo, Wechat and Tik Tok to build market share. The Hong Kong- Zhuhai-Macau bridge was completed in 2018 and this created a land linkage for goods to be transported via land from nearby container ports of Hong Kong and Shenzhen. In December 2022, HKTV Mall started selling to Macao and is seeing positive results. The dominant e-commerce player in Macao is Tmall followed by JD.com and TikTok (eCommerce-Hong Kong & Macao).
Canada-Macao trade relations
Canada's trade in Macao continues to develop as Macao moves from a niche gaming market to a regional tourism destination. A Canadian chamber of commerce was set up in 2004 to promote and defend the trade interests of Macao's Canadian business community. As Macao develops into a tourism, convention and exhibition destination, large-scale hotel chains, shopping malls, convention halls, exhibition facilities and entertainment venues are being built with a view to capitalizing on the influx of tourists from mainland China and East Asia. Of notice, in July, 2021, Macao approved Canadian Food Inspection Agency's certificate for the export of Canadian pork, pork products and offal to Macao, giving market access to Canadian pork producers (Government of Canada, 2022).
For more information
The Canadian Trade Commissioner Service:
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Resources
- eCommerce-Hong Kong & Macau, 2024-02-17
- Euromonitor International 2024
- Euromonitor International 2024: Economy, Finance and Trade: Hong Kong, Country Report | May 2024
- Euromonitor International 2024: Retail E-Commerce in Hong Kong, Country Report | March 2024
- Global Trade Tracker 2024
- Government of Canada: Canada-Macao relations, 2022
- Statista, 2024
Sector Trend Analysis – E-commerce trends in Hong Kong and Macao
Global Analysis Report
Prepared by: Hongli Wang, Market Analyst
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