Hong Kong Food Spending Set to Reach 291.6 Billion by 2023

Hong Kong is known as Asia's world city and given how many international food spots the city boasts, it's not difficult to believe that food spending is projected to grow in the coming four years. Currently, Hong Kong's food spending totals an already staggering [1] 237.1 billion HKD. However, in the next four years, Hong Kong's food spending is likely to reach 291.6 billion HKD according to a report by Fitch Solutions. 

While this sustainable growth will see a 5.5% increase in spending annually, this is actually down from the [2] "6% annual average growth seen between 2014 and 2018." In terms of per capita amounts, this equates to the average Hong Kong citizen currently forking out [3] 31,655 HKD with future estimates putting this amount at 37,945 HKD. 

This increase in spending is likely to be driven by 3 main factors. First, as Hong Kong's population becomes more wealthy over time, there will be a demand in higher-quality and more premium food items, which will inevitably drive up the average spending amount. Secondly, an increase in meat and poultry along with a greater appetite for dairy products will also help to drive up the average spending amount for Hong Kong residents. Finally, consumption of staple foods like rice will also see an upturn, which will further increase growth of the food industry and the average spending amount of Hong Kongers. 

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[1]https://hongkongbusiness.hk/food-beverage/news/food-spending-hit-2916b-2023

[2]https://hongkongbusiness.hk/food-beverage/news/food-spending-hit-2916b-2023

[3]https://hongkongbusiness.hk/food-beverage/news/food-spending-hit-2916b-2023