Hong Kong has been burnishing its luxury hub appeal following the Leaders of Luxury Summit 2024, organised by luxury magazine Robb Report at the Regent Hong Kong, 26-28 November. The summit brought together key figures in the luxury industry for discussions on the conference theme of ‘Redefining Luxury Through a Global Lens’.
The city is expected to have 22.4% more ultra-high-net-worth individuals (UHNWI) by 2028, the second highest growth rate globally, according to the Knight Frank Wealth Report 2024.
Tourism Board chairman Dr Y.K. Pang pointed out in his welcome remarks at the Summit: “As the main growth engine of the global luxury market, Asia-Pacific – including Mainland China – presents immense opportunities. China alone is projected to account for 25% 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.”
Amy Yang, vice-president marketing, APAC & IMEA of VistaJet, said she was excited about the enormous opportunities brought by Hong Kong. “2024 marks the 20th years of VistaJet and for the past two decades Hong Kong has always been a first-rate international aviation hub. 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,” she noted.
Alberto Galassi, CEO of the Ferretti Group believes Hong Kong is ideal for investment of luxury brands and yacht tourism. “Hong Kong always played an important role for Ferretti. 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 to dual list in Hong Kong and in Milan Stock Exchange, and we have expanded our office in Landmark … With more infrastructure, Hong Kong has a huge potential to develop yacht tourism because the city is unique like nowhere else”. he noted.
Tak Man, CEO and publisher of Robb Report Hong Kong, said: “We are thrilled to host this inaugural Leaders of Luxury Summit in Hong Kong. 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.”
Photo: Panel discussion at the Leaders of Luxury Summit 2024
