Hong Kong Welcomes Inaugural Leaders of Luxury Event

Hong Kong Elevates Its Luxury Hub Status at the Leaders of Luxury Summit 2024

Hong Kong has solidified its position as a premier luxury destination following the recent Leaders of Luxury Summit 2024, held from November 26 to 28 at the opulent Regent Hong Kong. This high-profile event gathered industry leaders and visionaries to explore the theme “Redefine Luxury Through a Global Lens.” The summit not only showcased the city’s appeal but also highlighted its burgeoning status as a global luxury hub, especially in light of the latest findings from the “2024 Billionaire Census” by Altrata, which ranks Hong Kong as the second city in the world with the highest number of billionaires.

A Booming Luxury Market

According to the Knight Frank Wealth Report 2024, Hong Kong is projected to see a 22.4 percent increase in ultra-high-net-worth individuals (UHNWI) by 2028, marking it as the second-highest growth rate globally. This surge in wealth is indicative of the city’s robust luxury market, which serves as a gateway to Mainland China—an area expected to experience the highest growth rate of UHNWI population in the coming years.

Dr. Y.K. Pang, Chairman of the Hong Kong Tourism Board (HKTB), emphasized the significance of this growth, stating, “As the main growth engine of the global luxury market, Asia-Pacific and Mainland China presents immense opportunities.” He further noted that China alone is anticipated to account for 25 percent of worldwide luxury sales by 2025. For luxury brands, Hong Kong is not just a launchpad into this expanding market; it is also a magnet for discerning consumers who embody the luxury lifestyle.

A Convergence of Luxury Leaders

The Leaders of Luxury Summit 2024 attracted executives from various sectors, including luxury automobiles, yachts, and private aviation. These leaders shared their insights on the evolving landscape of luxury experiences, both on land and at sea. Bentley’s CEO, Dr. Frank-Steffen Walliser, remarked on Hong Kong’s trendsetting capabilities and technological embrace, making it an ideal market for luxury exploration. He highlighted the special occasion of delivering four bespoke Bentayga EWB Azure models to the iconic Peninsula Hotel, underscoring the city’s significance in the luxury automotive sector.

Similarly, Alberto Galassi, CEO of Ferretti Group, reflected on the company’s long-standing relationship with Hong Kong, noting its unique blend of stunning architecture, impressive skyline, and high-quality hospitality. He expressed optimism about the potential for yacht tourism in the city, citing its unparalleled infrastructure and scenic beauty as key factors that enhance its status as a global luxury hub.

Aviation and Infrastructure: The Future of Luxury Travel

The aviation sector also played a pivotal role in the summit discussions. Amy Yang, Vice President of Marketing for APAC and IMEA at VistaJet, highlighted Hong Kong’s strategic location as a gateway to Mainland China, bridging East and West. She praised the government’s commitment to enhancing infrastructure, particularly in expanding private jet terminals, which positions Hong Kong as a central player in the luxury travel market.

Robb Report Hong Kong’s CEO and publisher, Tak Man, expressed excitement about hosting the inaugural Leaders of Luxury Summit in the city. He emphasized Hong Kong’s strong connectivity, visa-free policies, and exceptional hospitality as key factors that make it an attractive destination for luxury events. Discussions are already underway to bring even more mega-events to the city, further solidifying its status as a luxury hub.

Conclusion

The Leaders of Luxury Summit 2024 has not only showcased Hong Kong’s existing strengths but has also illuminated the vast potential for growth in the luxury sector. With its strategic location, increasing number of ultra-high-net-worth individuals, and a commitment to enhancing infrastructure, Hong Kong is poised to remain at the forefront of the global luxury market. As the city continues to attract discerning consumers and luxury brands alike, it is clear that Hong Kong is not just a destination but a thriving ecosystem for luxury experiences.