Hong Kong

Hong Kong

General Information

  • Population 7.7 m
  • Population 15 + 6.7 m
  • Online Population 6.8 m
  • Area 1,106 km2
  • Currency HKD
  • GDP 369.8 bn USD
  • GDP per Capita 48,078 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"46"},{"label":"Cash-based payments","value":"3"},{"label":"Bank transfer","value":"11"},{"label":"Wallets","value":"33"},{"label":"Other","value":"7"}]
Banked population
  • Hong Kong 95%
  • Asia Pacific 71%
  • World 67%
Credit card penetration
  • Hong Kong 67%
  • Asia Pacific 13%
  • World 19%
Internet penetration
  • Hong Kong 89%
  • Asia Pacific 60%
  • World 62%
Smartphone penetration
  • Hong Kong 88%
  • Asia Pacific 71%
  • World 70%

Economists have downgraded their forecasts for Hong Kong’s economy after a disappointing quarterly returns showed GDP had slowed against last year’s figures. The ongoing disruption to trade between Hong Kong and China from Covid, as well as a rise in interest rates have been cited as possible causes. 

The number of credit cards in Hong Kong decreased by 0.8% in 2022, whilst the number of payments made by credit card dropped by 220.15 million, or 0.04% down on the same period in 2021.

Like China, the top e-commerce store in Hong Kong in July 2022 was Taobao.com.

Alibaba is closing its Tmall platform in Hong Kong in October 22, citing an overcrowded market as the reason. 

Future e-commerce trends (2021-2026)

E-Commerce market size forecast ($US billion)
2022 26.0
2023 29.2
2024 32.5
2025 35.9
2026 39.1
E-Commerce spending per capita ($US)
2022 3498
2023 3894
2024 4315
2025 4734
2026 5121
E-Commerce spending as % of GDP
2022 6.7%
2023 7.2%
2024 7.6%
2025 8.0%
2026 8.3%

Hong Kong

The E-Commerce Market

Top e-commerce segments

  1. Fashion: 50%
  2. Food & Personal Care: 15%
  3. Electronics & Media: 14%
  4. Furniture & Appliances: 11%
  5. Toys, Hobby & DIY: 9%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 13%
  2. Value of cross-border e-commerce – 2.7 bn USD
  3. Online shoppers who have shopped cross-border – 73%

Top 3 cross-border shopping origin markets

  1. China: 53%
  2. Japan: 38%
  3. US: 34%
B2C E-commerce Growth 20->21
  • Hong Kong 20.2%
E-commerce % of total retail
  • Hong Kong 11%
  • Asia Pacific 23.8%
  • World 20%
E-commerce completed on a mobile device
  • Hong Kong 59%
  • Asia Pacific 59%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
  • American Express
  • Other
[{"label":"Visa","value":"16"},{"label":"Mastercard","value":"10"},{"label":"American Express","value":"6"},{"label":"Other","value":"68"}]
  • E-commerce market size 23.0 bn USD
  • E-Commerce spending per capita 3,107 USD
  • E-commerce spending as % of GDP 6.2%

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 Market relevance Medium 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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