ASEAN Consumer Market

The 10 ASEAN countries have a population of about 650 million people in total, making ASEAN the third largest consumer market in the world by population, following China and India. In terms of population structure, the working population is generally young, about 60% of them are 35 years old orbelow. As a result of the booming economy, the middle-class population is expanding rapidly and they have relatively strong consumption power. The demand for high-end luxury goods such as jewellery is expected to grow further.

Hong Kong and ASEAN countries have maintained close economic and trade relations. Hong Kong is ASEAN’s sixth largest merchandise trading partner, and ASEAN is Hong Kong’s second largest trading partner. In 2018, the total merchandise trade between Hong Kong and ASEAN was nearly HK$1,070 billion, taking up 12% of Hong Kong’s global merchandise trade and registering a 6.7% growth rate per annum between 2014 and 2018. Among the ASEAN members, Singapore, Malaysia and Thailand are the three largest trading partners of Hong Kong. At the same time, Hong Kong is also a popular destination for ASEAN middle-class travelers. Many Hong Kong manufacturers and traders are actively entering the ASEAN market which is full of opportunities.