The Asia Pacific region, particularly China, Hong Kong, Singapore, and Thailand, has experienced significant economic and employment shifts in 2022 and 2023, with forecasts for 2024 pointing towards continued growth and transformation in the luxury retail and watch & jewellery markets.
China, the world's second-largest economy, saw its luxury market rebound in 2023, with a growth of 20-25%, reaching $88-92 billion, after a slowdown in 2022. Looking ahead to 2024, the luxury market in China is expected to maintain its growth momentum, with a projected increase of 15-20%, surpassing the $100 billion mark. This growth will be driven by the continued rise of domestic consumption, the expansion of online luxury sales, and the increasing influence of younger generations on the luxury market.
Hong Kong, a global luxury hub, experienced a gradual recovery in its luxury market in 2022 and 2023, with growth rates of 5-8% and 8-11%, respectively. In 2024, the city's luxury market is expected to continue its upward trajectory, with a projected growth of 10-13%, as tourism recovers further and local consumption remains strong. The market will also benefit from the continued integration with the Greater Bay Area and the development of new retail concepts and experiences.
Singapore, known for its stable economy and affluent population, witnessed steady growth in its luxury market in 2022 and 2023, with rates of 6-9% and 7-10%, respectively. In 2024, the country's luxury market is expected to maintain its growth momentum, with a projected increase of 8-11%, supported by strong domestic consumption, the return of international tourism, and the city-state's position as a regional hub for wealth management and luxury retail.
Thailand, heavily reliant on tourism, saw its luxury market recover in 2022 and 2023, with growth rates of 8-11% and 12-15%, respectively, as the country reopened its borders and domestic consumption remained resilient. In 2024, Thailand's luxury market is expected to continue its rebound, with a projected growth of 15-18%, driven by the resurgence of international tourism, the expansion of luxury retail infrastructure, and the increasing purchasing power of local consumers.
For HR professionals, companies, and job seekers in these markets, staying ahead of the curve in terms of digital transformation, sustainability, and customer-centricity will be essential in 2024 and beyond. Here are some actions that each group can take to navigate the evolving landscape:
HR Professionals:
Develop and implement upskilling and reskilling programs to ensure the workforce is equipped with the necessary digital and sustainability-related competencies.
Foster a culture of innovation and adaptability within the organization to better respond to changing market conditions and consumer preferences.
Emphasize the importance of diversity, equity, and inclusion in the workplace to attract and retain top talent and better serve a diverse customer base.
Companies:
Invest in digital infrastructure and e-commerce capabilities to capture the growing online luxury market and provide seamless omnichannel experiences.
Integrate sustainability and social responsibility into business strategies and operations to align with the increasing consumer demand for eco-friendly and ethical products.
Collaborate with local partners, influencers, and communities to develop culturally relevant and engaging marketing campaigns and product offerings.
Job Seekers:
Continuously update and expand skill sets, particularly in the areas of digital marketing, data analytics, and sustainability, to remain competitive in the job market.
Seek out opportunities to gain international exposure and cross-cultural competencies to better navigate the diverse and globalized luxury retail and watch & jewellery industries.
Develop a strong personal brand and network within the industry to increase visibility and access to career opportunities.
As the luxury retail and watch & jewellery industries in the Asia Pacific region continue to evolve and grow in 2024, collaboration, innovation, and adaptability will be key drivers of success. We invite you to visit our website at http://www.trouve-executive.com to explore how we can work together to navigate the opportunities and challenges ahead, and shape a prosperous future for these industries.
We encourage you to share your thoughts, experiences, and insights in the comments below, and to like and share this article to help spark meaningful discussions within our professional community. Together, we can navigate the shifting tides of the Asia Pacific economy and job market, and drive sustainable growth in the luxury retail and watch & jewellery industries in 2024 and the years to come.
亞太區經濟與就業市場的轉變浪潮：領航奢侈品零售及鐘錶珠寶行業的發展格局
亞太地區，特別係中國、香港、新加坡同泰國，喺2022年同2023年經歷咗重大嘅經濟同就業轉變，而2024年嘅預測顯示，奢侈品零售同鐘錶珠寶市場將持續增長同轉型。
中國作為全球第二大經濟體，喺2022年增長放緩之後，喺2023年奢侈品市場出現反彈，增長率為20-25%，達到880-920億美元。展望2024年，預計中國嘅奢侈品市場將保持增長勢頭，預計增長15-20%，超過1,000億美元。呢個增長將由國內消費嘅持續增長、線上奢侈品銷售嘅擴張以及年輕一代對奢侈品市場日益增長嘅影響所推動。
作為全球奢侈品中心，香港嘅奢侈品市場喺2022年同2023年分別錄得5-8%同8-11%嘅增長率，逐步復甦。喺2024年，預計香港奢侈品市場將繼續向上發展，預計增長10-13%，因為旅遊業進一步復甦，本地消費保持強勁。市場亦將受惠於與大灣區嘅持續整合以及新零售概念同體驗嘅發展。
新加坡以其穩定嘅經濟同富裕嘅人口而聞名，喺2022年同2023年，其奢侈品市場分別錄得6-9%同7-10%嘅穩定增長。喺2024年，在強勁嘅本地消費、國際旅遊嘅恢復以及新加坡作為財富管理同奢侈品零售區域中心嘅地位支持下，預計該國奢侈品市場將保持增長勢頭，預計增長8-11%。
泰國嘅經濟高度依賴旅遊業，喺2022年同2023年，隨著該國重新開放邊境，本地消費保持強勁，其奢侈品市場分別以8-11%同12-15%嘅增長率復甦。喺2024年，預計泰國嘅奢侈品市場將繼續反彈，預計增長15-18%，受國際旅遊業嘅復甦、奢侈品零售基礎設施嘅擴張以及本地消費者購買力嘅提高所推動。
對於呢啲市場嘅人力資源專業人士、公司同求職者嚟講，喺2024年及以後，喺數碼轉型、可持續發展同以客為本方面保持領先將係至關重要嘅。呢啲係每個群體可以採取嘅行動，以應對不斷變化嘅格局：
人力資源專業人士：
制定同實施技能提升同再培訓計劃，確保員工具備必要嘅數碼化同可持續發展相關能力。
喺組織內部培養創新同適應能力嘅文化，以更好咁應對不斷變化嘅市場狀況同消費者偏好。
強調喺工作場所中多樣性、公平性同包容性嘅重要性，以吸引同留住頂尖人才，更好咁服務多元化嘅客戶群。
公司：
投資數碼基礎設施同電子商務能力，以把握不斷增長嘅線上奢侈品市場，提供無縫嘅全渠道體驗。
將可持續發展同社會責任融入業務戰略同運營，以符合消費者對環保同符合道德嘅產品日益增長嘅需求。
與本地合作夥伴、意見領袖同社區合作，開發具有文化相關性同吸引力嘅營銷活動同產品供應。
求職者：
不斷更新同擴展技能，特別係喺數碼營銷、數據分析同可持續發展領域，以保持喺就業市場嘅競爭力。
尋求機會獲得國際接觸同跨文化能力，以更好咁駕馭多元化同全球化嘅奢侈品零售同鐘錶珠寶行業。
喺行業內建立強大嘅個人品牌同人際網絡，以提高知名度同獲得更多嘅職業機會。
隨著亞太地區奢侈品零售同鐘錶珠寶行業喺2024年繼續發展同增長，協作、創新同適應能力將成為成功嘅關鍵驅動力。我哋誠邀您瀏覽我哋嘅網站 http://www.trouve-executive.com, 探索我哋可以點樣合作，應對未來嘅機遇同挑戰，共同塑造呢啲行業嘅繁榮未來。
我哋鼓勵您喺下面嘅評論區分享您嘅想法、經驗同見解，並且喺文章點讚同分享，以幫助喺我哋專業嘅社群內引發有意義嘅討論。讓我哋攜手並肩，乘風破浪，帶領亞太區嘅經濟同就業市場，推動奢侈品零售同鐘錶珠寶行業喺2024年及未來嘅可持續增長。
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