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| Thursday, 12 November 2015, 18:30 HKT/SGT | |
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Source: HKTDC | |
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| Economic Contribution to Hong Kong Exceeds HK$1.2 Billion |
HONG KONG, Nov 12, 2015 - (ACN Newswire) - Eight trade fairs organised by the Hong Kong Trade Development Council (HKTDC) in October and November attracted more than 9,100 exhibitors from 56 countries and regions. That represents a 3.9 per cent increase compared with last year. The fairs also welcomed more than 204,000 local and overseas buyers from 175 countries and regions.
 | | HKTDC Autumn Fairs Attract Over 200,000 Global Buyers |
Excluding the inaugural World of Outdoor Lighting & Lighting Accessories (WOLLA), the other seven fairs saw a 3.9 per cent increase in buyers year-on-year. It is estimated that the eight events combined made an economic contribution of over HK$1.2 billion to Hong Kong, excluding earnings from trade orders.
The eight events included: Hong Kong Electronics Fair (Autumn Edition), electronicAsia, Hong Kong International Lighting Fair (Autumn Edition), Hong Kong Optical Fair, and Hong Kong International Wine & Spirits Fair, held at the Hong Kong Convention and Exhibition Centre; and World of Outdoor Lighting & Lighting Accessories, Eco Expo Asia, and Hong Kong International Building and Hardware Fair, held at AsiaWorld-Expo.
Autumn fairs contribute over HK$1.2 billion to the economy
HKTDC Deputy Executive Director Benjamin Chau noted that the eight events attracted a total of nearly 117,000 overseas buyers. "According to the Hong Kong Tourism Board, per capita spending of business overnight visitors was about HK$9,420. Based on this figure, the total amount spent by overseas buyers and exhibitors during the fairs would amount to more than HK$1.2 billion to Hong Kong, not including earnings from trade orders and related business services," said Mr Chau. "These findings prove once again the enormous economic contributions that exhibitions and conventions make to Hong Kong's economy."
Mr Chau added that overall buyer attendance grew significantly; buyer numbers from emerging markets and ASEAN countries such as India, Malaysia, Thailand, and the Philippines recorded a double-digit percentage increase compared to last year. Buyers from developed markets also returned this year. For the HKTDC's autumn fairs, buyers from North America and Europe increased 8.7 per cent and 5.3 per cent respectively.
"The growth of buyers from emerging markets and ASEAN countries is significant," said Mr Chau. "With the Chinese mainland's new global economic growth strategy, the Belt and Road Initiative, I believe that Hong Kong companies should be more attentive towards the market trend and explore new markets to spread their risks."
ASEAN countries plus Taiwan and India share limelight
The HKTDC commissioned an independent survey agency, Nielson, to conduct interviews during the autumn electronics and lighting fairs, gauging views of more than 1,600 exhibitors and buyers about market prospects, industry developments and product trends. The survey found that industry players are prudently optimistic about the prospects in their respective markets. Over 80 per cent of the respondents expect overall sales to grow or stay the same next year. As for growth prospects, the respondents expect the Chinese mainland (59%), North America (53%) and Western Europe (52%) to be the markets with the most growth potential, while the ASEAN countries (48%), Taiwan (43%), and India (37%) are also getting into the limelight. At the same time, survey respondents still expect developed markets such as Western Europe (50%) and North America (46%) to be the major export markets.
"According to the results of the survey, Hong Kong companies still face challenges in business due to the constant rise of business costs and rent. However, Hong Kong companies are now focusing their attention on countries related in the Belt and Road strategy," said Mr Chau. "The HKTDC will continue to strengthen promotions overseas, including enhancing the business connection between Hong Kong and the Belt and Road countries to attract more buyers from emerging markets and ASEAN to source in Hong Kong, while encouraging developed markets to enter Asia via Hong Kong and provide more partnership opportunities for Hong Kong companies."
Smart home products in demand
The survey also revealed views on the market trend for the electronics and lighting industries. The industry players generally believe that the trend lies in smart home and smart life products. It is worth noting that over 80 per cent of respondents from the lighting fair believe that "smart city and smart home" will be the major driving force behind the development of the lighting industry for the next two years. The respondents anticipate that the three major product trends will be "household lighting system compatible with or controllable via smartphones/tablets" (43%), "household/industrial/commercial smart lighting system focusing on energy-saving" (40%), and "industrial/commercial lighting systems compatible with or controllable via smartphones/tablets" (33%). Thirteen per cent of respondents also expect that outdoor lighting will see promising growth in the coming year with a total increase of nine per cent compared with last year's four per cent. In response to the industries' need, the HKTDC also featured Smart Lighting & Solutions Zone this year and launched World of Outdoor Lighting & Lighting Accessories at AsiaWorld-Expo.
The survey showed that the industry is optimistic about the prospects for wearable electronics. Over 60 per cent of respondents expect that the growth potential for these products in the next two years will be promising or very promising. They expect the largest growth to be seen in North America (45%), Western Europe (35%) and the Chinese mainland (35%), while the product categories with the largest growth would be smart watches (57%), smart wristbands (38%), and wearable electronics related to health and fitness (31%).
Online shopping is another global trend, and more Hong Kong companies are developing e-tailing business. In the survey, 43 per cent of the respondents said they are developing e-tailing services, up 17 per cent compared with last year. As for the proportion of e-tailing business, over half of the respondents said online sales constitute less than 20 per cent of their overall sales. Meanwhile, over 70 per cent of the respondents anticipate the proportion of e-tailing business to rise within 20 per cent in the next two years.
Still keen on small orders
In view of the keen demand for small orders, the hktdc.com Small Orders concept introduced by the HKTDC in early 2012, has successfully helped generate more buyer orders. The hktdc.com Small Orders zone at this year's electronics and lighting fairs featured a total of 450 showcases offering over 4,400 products for the buyers to place orders of between five and 1,000 pieces. More than 40,000 buyers visited hktdc.com Small Orders zone and over 38,000 business connections were generated during the autumn fairs. In order to fully support Hong Kong companies to explore opportunities in the global electronic business sector, the HKTDC launched the hktdc.com Small Orders online transaction platform (http://smallorders.hktdc.com/) last year, which enabled over 9,000 suppliers to display more than 100,000 products and generated a total of over 1.4 million business connections so far.
Fair Videos:
Hong Kong International Wine & Spirits Fair: http://www.hktdc.com/info/webcast/v/en/en/1X04CN9U/
Eco Expo Asia: http://www.hktdc.com/info/webcast/v/en/en/1X04CN21/
Hong Kong International Lighting Fair (Autumn Edition): http://www.hktdc.com/info/webcast/v/en/en/1X04CMY8/
Hong Kong Electronics Fair (Autumn Edition): http://www.hktdc.com/info/webcast/v/en/en/1X04CMGQ/
Photo Download: http://bit.ly/1kOHXve
For press releases in Chinese, please click here http://mediaroom.hktdc.com/tc/pressrelease
Contact:
HKTDC
Communication and Public Affairs Department
Joe Kainz
Tel: +852 2584 4216
Email: joe.kainz@hktdc.org
Topic: Trade Show or Conference
Source: HKTDC
Sectors: Trade Shows, Retail & eCommerce
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From the Asia Corporate News Network
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