Hong Kong

Hong Kong

General Information

  • Population 7.5m
  • Population 15 + 6.6m
  • Online Population 6.9m
  • Area 1,106 km2
  • Currency HKD
  • GDP 349.4bn USD
  • GDP per Capita 46,754 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"51"},{"label":"Cash-based payments","value":"4"},{"label":"Bank transfer","value":"11"},{"label":"Wallets","value":"29"},{"label":"Other","value":"5"}]
Banked population
  • Hong Kong 95%
  • Asia Pacific 71%
  • World 67%
Credit card penetration
  • Hong Kong 65%
  • Asia Pacific 13%
  • World 19%
Internet penetration
  • Hong Kong 92%
  • Asia Pacific 60%
  • World 62%
Smartphone penetration
  • Hong Kong 86%
  • Asia Pacific 71%
  • World 70%

Hong Kong was surprisingly slow to take to e-commerce, but has the digital infrastructure to make uptake much easier. Younger consumers are driving the upsurge in online retail via social media channels.

Hong Kong’s online retail market is made up with a mix of local Hong Kong marketplaces i.e. DC Fever and Price and massive Chinese marketplaces such as Alibaba and JD.com.

Hong Kong’s economy dropped by 6.1% in 2020 but is forecast to grow by 4.3% in 2021 and 2.8% in 2022 according to the IMF. Inflation rose in 2020 by 0.3% and is expected to rise by 1.4% in 2021 and 1.9% in 2022.

Future e-commerce trends (2021-2025)

E-Commerce market size forecast ($US billion)
2021 21.3
2022 23.8
2023 26.3
2024 28.9
2025 31.4
E-Commerce spending per capita ($US)
2021 2803
2022 3104
2023 3416
2024 3721
2025 4025
E-Commerce spending as % of GDP
2021 5.9
2022 6.1
2023 6.4
2024 6.7
2025 6.9

Hong Kong

The E-Commerce Market

Top e-commerce segments 2019 | 2020

  1. Airlines & Hotels: 25% | 18%
  2. Food & Drink: 10% | 12%
  3. Homeware & Furniture: 10% | 10%
  4. Clothing & Footwear: 13% | 8%
  5. Electrical Goods: 7% | 12%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 18%
  2. Value of cross-border e-commerce ($US billion) – 3.5
  3. % of online shoppers who have shopped cross-border – 75%

Top 3 cross-border shopping origin markets

  1. China: 37%
  2. Japan: 16%
  3. Singapore
E-commerce % of total retail
  • Hong Kong 10%
  • Asia Pacific 23.8%
  • World 20%
E-commerce completed on a mobile device
  • Hong Kong 57%
  • Asia Pacific 59%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
  • American Express
  • Local Schemes
  • Other
[{"label":"Visa","value":"12"},{"label":"Mastercard","value":"6"},{"label":"American Express","value":"4"},{"label":"Local Schemes","value":"69"},{"label":"Other","value":"9"}]
  • E-commerce market size ($US billion) 19.2bn USD
  • E-Commerce spending per capita ($US) 2,543 USD
  • E-commerce spending as % of GDP 5.6%

The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.

Hong Kong

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayPal Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Skrill Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High WeChat Pay Type Wallet Regions Asia Pacific Market relevance High Allied Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High UnionPay Type Local payment card Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Apple Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Boku Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Google Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Masterpass Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Octopus Type Local payment card, Wallet Regions Asia Pacific Market relevance High Openbucks Type Cash, Gift card Regions Asia Pacific, North America Market relevance High PayMe Type Wallet Regions Asia Pacific Market relevance High Razer Gold Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Samsung Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High SWIFT Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High TNG Wallet Type Wallet Regions Asia Pacific Market relevance High 7-Eleven Type Cash Regions Asia Pacific, Middle East & Africa, North America Market relevance Medium AlipayHK Type Wallet Regions Asia Pacific Market relevance Medium Huawei Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS Market relevance Medium Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium Boloro Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 G2A Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 JETCO Pay Type Wallet Regions Asia Pacific NETELLER Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Splitit Type Instalments Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3

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