Hong Kong has levelled up its luxury hub appeal following the Leaders of Luxury Summit 2024.
The event brought together luxury industry titans to discuss pivotal topics that “Redefine Luxury Through a Global Lens” at Regent Hong Kong last 26 to 28 November 2024. According to the latest “2024 Billionaire Census” report from Altrata, the city is currently the world’s number 2 with the highest number of billionaires. It is also expected to have 22.4 per cent more ultra-high-net-worth individuals (UHNWI) by 2028, the second highest growth rate globally, according to the Knight Frank Wealth Report 2024.
Unrivalled access to world’s largest luxury markets
Hong Kong, at the heart of Asia, is one of the fastest growing luxury markets globally, as well as a unique gateway to Mainland China, which is expected to experience the highest growth rate of UHNWI population by 2028, opening up a world of lucrative opportunities for all luxury brands.
“As the main growth engine of the global luxury market, Asia-Pacific and Mainland China presents immense opportunities,” Hong Kong Tourism Board (HKTB) Chairman, Dr. Y.K. Pang, said. “China alone is projected to account for 25 per cent of worldwide luxury sales by 2025. For luxury brands, Hong Kong serves not only as the ideal springboard into this rapidly expanding market, offering a platform to connect with discerning consumers across the region, it is also a powerful magnet attracting all those discerning consumers and HNWI, who live the luxury lifestyle.”
Luxury brand leaders hail Hong Kong’s best-in-class setup for investment and tourism
While attending the Leaders of Luxury Summit 2024 in Hong Kong, the C-suites and executives of leading limousine, yacht, and private jet brands shared their personal vision of luxury experiences on land and in air and sea.
“Hong Kong has long been recognised for its strong market,” Bentley CEO, Dr. Frank-Steffen Walliser, said. “The city often sets trends and embraces new technologies, making it an ideal market for exploring the brand’s potential. This trip is a good combination of attending the conference and meeting with our local customers and retailers. The real highlight of this trip is to hand over Four bespoke Bentayga EWB Azure models to the world-famous Peninsula Hotel. A very special occasion.”
“Hong Kong always played an important role for Ferretti,” Ferretti Group CEO, Alberto Galassi, said. “We’ve been the first in the industry, opening in early 2000, 10 years of growth. We listed in Hong Kong 2022, and we are the only company in the world dual list in Hong Kong and in Milan Stock Exchange, and we have expanded our office in Landmark. The city’s stunning architecture, impressive skyline, beautiful sea, and high-quality hotels, and its people, all contributes to Hong Kong’s statues as a global luxury hub, not just for yachts but for all aspects of life. With more infrastructure, Hong Kong has huge potential to develop yacht tourism because the city is unique like nowhere else.”
“2024 marks the 20 years of VistaJet and for the past two decades, Hong Kong has always been a first-rate international aviation hub,” VistaJet vice president of marketing for APAC and IMEA, Amy Yang, said. “Hong Kong’s strategic location as the gateway to Mainland China bridges East and West, providing huge opportunities for business and tourism, and the government’s commitment to enhancing the infrastructure and expand private jet terminals is guaranteeing to the city a central role in the world of luxury.”
“We are thrilled to host this inaugural Leaders of Luxury Summit in Hong Kong,” Robb Report Hong Kong CEO and publisher, Tak Man, said. “Hong Kong is a perfect place with strong connectivity, visa-free policy, and excellent hospitality. We are in discussion to bring even more mega events to Hong Kong.”
