Hong Kong’s online sales market sees room for growth: Paul Chan

Financial Secretary Paul Chan Mo-po said that while Hong Kong has seen a surge in online retail sales, the country has yet to catch up with mainland China’s levels. He added that more measures and events should be implemented to facilitate business opportunities.

In his blog post published on Sunday, Chan said the city’s online retail sales grew 60% between 2020 and 2023, reaching HK$32.5 billion.

However, Chan pointed out that last year, online sales accounted for only 8% of total retail sales in Hong Kong, compared with 28% in mainland China. This indicates that there is still significant room for growth in the local online sales market in Hong Kong.

The Hong Kong Trade Development Council (HKTDC) plans to organise Hong Kong Shopping Festivals on mainland e-commerce platforms to help local small and medium-sized enterprises increase their popularity and expand business opportunities.

Chan noted in his blog that the previously launched E-commerce Easy programme, under the Brand Promotion, Modernisation and Domestic Sales Fund (BUD Fund), subsidises small and medium-sized enterprises to use at least HK$1 million to develop the mainland market and will also support other markets in the future.

In addition, HK$500 million in funding has been allocated to help Cyberport roll out the Digital Transformation Support Pilot Programme (DTSPP), which will help the catering and retail sectors accelerate digitalisation.

Chan also pointed out that more and more conventions are being held in Hong Kong and more will follow. This will help connect people with similar interests and provide business opportunities for traders.