In conversation with Dr Pang Yiu-kai, chairman of the Hong Kong Tourism Board, the big impact that Hong Kong makes on the global luxury market is discussed at length

A formidable roster of delegates spoke on stage in a resoundingly positive and hopeful spirit as the conversations explored reshaping the future of luxury beyond Hong Kong. Its ripples reached far and wide as the words of the most significant players in industry, many of whom flew down especially for the event, resonated with the audience.

“When I first heard about the theme, ‘Redefining Luxury Through a Global Lens,’ I thought, ‘What better place to host such a forward-looking dialogue than Hong Kong?’” Dr Pang reflects on the overarching theme of the entire event. “Hong Kong is an ideal backdrop for such a discussion. As one of the fastest-growing luxury markets globally and the gateway to Mainland China, Hong Kong is strategically positioned to lead this conversation. With projections indicating that Mainland China will contribute 25 per cent of worldwide luxury sales by 2025, the timing of the Leaders of Luxury Summit is indeed opportune.”

Speaking on stage on the busy and eventful day, his view from the dais oversaw roughly 550 attendees in the audience, each individual related to lifestyle and luxury. “The Hong Kong Tourism Board was honoured to partner with and co-host this inaugural event, aiming to influence the future trajectory of luxury. This vibrant city, located at the heart of Asia, offers unparalleled connectivity, allowing luxury brands to access half the world’s population within a mere five-hour flight,” he says, elaborating on Hong Kong’s distinctive advantages as a luxury hub and highlighting its strategic location, favourable business environment, and affluent demographics. “The anticipated influx of over 180,000 high-spending business visitors between 2024 and 2026 underscores the immense market potential.”

“The business environment in Hong Kong further enhances its allure for luxury brands. The absence of sales tax, alongside a competitive corporate tax rate, creates a thriving ecosystem for growth. Recent investments, such as The Landmark’s US$400 million upgrade and the reopening of Louis Vuitton’s flagship store, testify to this vibrant economic landscape.”

Without question, Hong Kong’s affluent demographic is pivotal, with one of the highest concentrations of ultra-high-net-worth individuals (UHNWIs) globally. “The expected 22.4 per cent growth in UHNWIs by 2028 signifies a burgeoning demand for luxury goods and experiences, further augmented by the city’s focus on hosting mega-events that attract high-spending business travellers,” Dr Pang adds. Events like Robb Report Hong Kong’s Leaders of Luxury Summit, Culinary Masters, and other programmes currently entrenched in the planning stages have deep economic impact—and perhaps more so culturally. “The city not only serves as a premier shopping destination but also as a cultural nexus, where cuisine, creativity, and luxury converge,” Dr Pang affirms, asserting that Hong Kong’s unique selling proposition is rooted in its sophisticated luxury ecosystem, which seamlessly integrates Eastern and Western influences. “With nearly 100 award-winning restaurants recognised by the Michelin Guide, World’s Best Restaurants, and Asia’s Best Restaurants and Bars, Hong Kong is a true paradise for gourmands.”

Dr Pang conveyed a message of inspiration and collaboration to international guests at the Leaders of Luxury Summit 2024 as well: “Such events not only elevate Hong Kong’s image on the world stage but also foster meaningful connections among industry leaders.”

As the Hong Kong Tourism Board looks to the future, Dr Pang assures us that a wealth of experiences awaits. “With an emphasis on the mega-events economy, luxury travellers can anticipate a dynamic year ahead, filled with top-tier exhibitions, festivals, and culinary showcases. Hong Kong stands ready to deliver exceptional luxury experiences, continuing to captivate those who seek the pinnacle of sophistication and enjoyment.”

The Leaders of Luxury Summit 2024 and the insights shared by Dr Pang affirm Hong Kong’s status as a leading luxury destination, uniquely poised to redefine the luxury narrative on a global scale. “Whether it’s a global art fair, a luxury fashion showcase, or a gourmet food festival, there will always be something to excite and inspire,” concludes Dr Pang. “For those seeking the pinnacle of luxury travel, Hong Kong is ready to deliver.”

This story was first published on Robb Report HK