Hong Kong Financial Secretary Paul Chan said that the online sales value of Hong Kong's retail industry increased by nearly 60% to HKD 32.5 billion between 2020 and 2023.
Financial Secretary of Hong Kong Paul Chan disclosed to the Wisers Financial App that the online sales value of Hong Kong's retail industry increased by almost 60% to HKD 32.5 billion between 2020 and 2023. However, online sales only accounted for 8% of Hong Kong's total retail sales last year. This is much lower than China's almost 28% ratio in the same year, showing the huge growth potential for Hong Kong's online sales.
"Hong Kong Goodies Festival," which covers six major categories including clothing and accessories, personal care and cosmetics, household sundries, food, digital trends, and health supplements, will be held throughout August on e-commerce platforms in mainland China. More than 230 brands are participating in the festival for the first time, and it is expected that the festival will bring multiple benefits, fully leveraging Hong Kong's advantage of having a vast market size backed by the motherland, helping Hong Kong's small and medium-sized enterprises reach new customers in mainland China. On the other hand, mainland consumers can directly and easily access and purchase high-quality and genuine Hong Kong products.
In addition, the Hong Kong government launched "E-Commerce Easy" under the BUD Special Fund last week, allowing small and medium-sized enterprises to flexibly use up to HKD 1 million in subsidies to develop the mainland's e-commerce market.