The inaugural Hong Kong Shopping Festival, organized by the Hong Kong Trade Development Council (HKTDC), is set to take place from August 1 to 31, 2024. The event is designed to help local small and medium-sized enterprises (SMEs) expand into Mainland China's market via e-commerce channels, aligning with measures from the 2023 Policy Address.
Festival Overview
The launch ceremony, held today, unveiled the participation of over 230 local brands offering unique products and exclusive discounts in categories such as apparel, personal care, home living, classic food, smart gadgets, and health supplements. The event also targets senior citizen markets. HKSAR Financial Secretary Paul Chan appeared in a promotional video to support the festival.
Key Objectives and Benefits
The festival, under the slogan "Unveiling a New Lifestyle, Curated by Hong Kong," aims to:
- Enhance local SMEs' exposure through mainland e-commerce platforms.
- Provide mainland consumers with convenient and cost-effective access to Hong Kong brands.
- Tap into the mainland market extensively, boosting Hong Kong’s brand reputation.
Paul Chan highlighted the significance of the festival: “This initiative capitalizes on Hong Kong’s advantage of enjoying strong support from the Mainland’s large-scale market, assisting SMEs in reaching new mainland customer groups and developing the market further.”
E-Commerce Potential
According to the National Bureau of Statistics, China's online retail sales reached RMB 15.4 trillion in 2023, marking an 11% year-on-year increase. This robust e-commerce growth underlines the festival's potential to help Hong Kong SMEs gain practical experience and expand their operations in the mainland market.
Strategic Implementation
Stephen Liang, Assistant Executive Director of HKTDC, noted the festival's role in bridging the knowledge gap for Hong Kong SMEs unfamiliar with mainland e-commerce. The event will have two parts:
- Discount Month (August 1-31): An official campaign website will feature all participating companies and special deals, with promotions via Xiaohongshu, Douyin, Taobao, and JD.
- Live-Streaming E-Commerce: In late August, about 20 mainland KOLs will conduct live-streaming sessions on major platforms to promote 60 local brands, providing SMEs practical insights into digital marketing and e-commerce operations.
Future Prospects
The Hong Kong Shopping Festival sets the stage for future initiatives to bolster the local economy and strengthen cross-border trade. The event not only aims to boost sales but also to enhance Hong Kong's brand presence in the vast Mainland China market.