Boston, MA -- (ReleaseWire) -- 05/16/2012 -- The Q212 BMI Hong Kong Retail report forecasts that total retail sales in the special administrative region will grow from HKD329.01bn (US$42.44bn) in 2012 to HKD359.61bn (US$46.39bn) by 2016. 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$258.2bn in 2012. We predict average annual GDP growth of 3.3% through to 2016. With the population increasing from 7.2mn to 7.5mn over this period, GDP per capita is forecast to rise 18.8%, from US$35,886 in 2012 to US$42,633 by 2016.
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% yearon- year (y-o-y). Spending by visitors in 2010 amounted to HKD210bn (US$27bn), a rise of 32% on 2009, while the first-time tourist expenditure has topped HKD200bn.
Retail sub-sectors that are forecast to achieve healthy sales growth throughout the period include automotives, which is forecast to increase by almost 18%, from 41,335 units in 2012 to 48,581 units by 2016.
View Full Report Details and Table of Contents
Consumer electronics sales are predicted to grow from US$4.41bn in 2012 to US$5.25bn, a rise of 19%, by the end of the forecast period as demand grows for high-end products such as multimedia notebooks, 3G phones and smartphones.
BMI food consumption data suggest that the food retail segment will have a market share of 28.5% in 2012. The sub-sector is forecast to be worth US$12.11bn in 2012, and sales are expected to grow to US$13.32bn by 2016. Our forecasts suggest that the retail market share of food is likely to be 28.7% in 2016. Per capita food consumption is still forecast to be US$1,774 in 2016, which is impressive for the region.
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Retailing research reports at Fast Market Research
You may also be interested in these related reports:
- China Retail Report Q2 2012
- Russia Retail Report Q2 2012
- Poland Retail Report Q2 2012
- Bulgaria Retail Report Q2 2012
- Turkey Retail Report Q2 2012
- Serbia Retail Report Q2 2012
- Czech Republic Retail Report Q2 2012
- Romania Retail Report Q2 2012
- Hungary Retail Report Q2 2012