‘It’s the wealth effect’: Hong Kong luxury malls thrive amid IPO gains, housing recovery
Positive trend comes from a surge in affluent spending, with new flagship projects reinforcing the city’s role as a global brand magnet
Hard luxury and jewellery segments have posted consecutive months of robust growth, though the era of traditional high-street dominance has ended. Industry experts said the market was increasingly defined by targeted wealth management and curated localised experiences, rather than sheer tourist volume.
One executive celebrating the positive trend is Alexander Li, director and head of retail, Hong Kong and Macau, at Hongkong Land.
“To the end of April, our [tenant] sales were about 16 per cent up from last year,” Li said in an interview with the South China Morning Post. “That is pretty good, as we did not have a bad year in 2025 either.”
The number of high-net-worth individuals spending more than HK$200,000 (US$29,500) at Hongkong Land’s Landmark in the first four months to April jumped more than 30 per cent, compared with the same period a year earlier, Li said.
Retail sales value in Hong Kong overall rose 11.3 per cent in the first four months of 2026, while sales volume grew by 9 per cent.