In addition to participating in the fairs, overseas buyers and exhibitors also generated business opportunities for the hotel, catering and tourism industries of Hong Kong. According to the Hong Kong Tourism Board, the per capita spending of overnight meetings, incentives, conferences and exhibitions (MICE) visitors was HK$8,218. Based on this figure, it is estimated that overseas participants generated income of more than HK$1.3 billion for Hong Kong's tourism and related industries.
The seven fairs were: the HKTDC Hong Kong International Lighting Fair (Spring Edition), HKTDC Hong Kong Electronics Fair (Spring Edition), HKTDC International ICT Expo, HKTDC Hong Kong Houseware Fair, HKTDC Hong Kong International Home Textiles and Furnishings Fair, HKTDC Hong Kong Gifts & Premium Fair, and the Hong Kong International Printing & Packaging Fair. The latter was jointly organised by the HKTDC and CIEC Exhibition Company (HK) Ltd.
Benjamin Chau, HKTDC Deputy Executive Director, said: "The development of innovative technologies and smart products has become a major global trend. The seven April fairs offered an international trading platform for industry players to showcase their latest designs and innovations to global buyers and to test market response at first-hand. In addition, the HKTDC incorporated more innovation and technology (I&T) elements into the fairs to create additional opportunities for industry players and to bolster Hong Kong's standing as the business hub of Asia and an international trade fair capital."
Surge in smart city development
During the Spring Lighting Fair, Spring Electronics Fair, Houseware Fair and Gifts & Premium Fair, the HKTDC commissioned an independent research agency to conduct on-site surveys, interviewing 2,729 exhibitors and buyers to gauge their views on market prospects and product trends. With I&T being a key factor in the development of smart cities, and the Hong Kong Special Administrative Region (HKSAR) Government currently striving to develop Hong Kong into a world-class smart city, the surveys found more than 90% of respondents to be either optimistic or neutral about smart city development in Hong Kong.
More I&T elements were included in this year's April fairs. The ICT Expo adopted the theme of Smart City, Smart Living and showcased an array of visionary smart city projects and applications. These included the I&T initiatives featured at the Smart Government Pavilion presented by the Office of the Government Chief Information Officer of the HKSAR Government; the City Brain platform presented by the Hangzhou Government; and the innovative and forward-looking applications and solutions displayed at the "So French So Innovative" pavilion.
Smart homes are an integral part of smart city development. At the Spring Lighting Fair, 89% of respondents said they consider the outlook for smart lighting in the coming two years to be promising (80%) or very promising (9%). To facilitate the sourcing of smart home products, the Spring Lighting Fair launched the Innobuild zone, which showcased innovative building technologies and practical building tools, in addition to the Smart Lighting & Solutions zone.
The Spring Electronics Fair adopted similar initiatives. The Tech Hall displayed the latest innovative electronics products organised into five themes, including AR, VR & MR (covering augmented reality, virtual reality and mixed reality); Connected Home; e-Health & Wearables; Robotics & Unmanned Tech; and the new AI & Voice Recognition solutions. Similarly, the Houseware Fair showcased a range of smart homewares and hosted a seminar to examine smart home and eco home product trends. At the Gifts & Premium Fair, a Tech Gifts zone was set up to spotlight innovative gift ideas.
Industry remains optimistic about sales outlook, Greater Bay Area opportunities
The surveys also sought the views of respondents on business prospects in 2019. More than 90% of respondents said they expect overall sales to rise (46%) or remain steady (45%), highlighting the general optimism among businesses in different fields.
The Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, released in February, has grabbed the attention of players across different industries. Accordingly, the April fairs incorporated more Greater Bay Area elements to update participants on the latest opportunities, including hosting a Greater Bay Area-related seminar and inviting mainland cities from the Greater Bay Area, including Foshan, Zhongshan, Zhuhai, Jiangmen and Dongguan, to set up group pavilions. More than 80% of survey respondents hold positive or neutral views on the impact of the Greater Bay Area on their export performance in the coming six months.
Rising costs continue to be greatest business challenge
Costs are always a significant factor in the decisions made by businesses. Survey respondents generally expect that increases in operating costs (46%) and price fluctuations in raw materials (37%) will continue to be the greatest business challenges this year, while 40% expressed concerns about global economic fluctuations. Fifty-two per cent of respondents anticipate that production costs or sourcing costs will increase, yet only 38% expect to raise free-on-board selling prices or retail prices, suggesting that industry professionals will not transfer additional costs to clients or consumers.
In terms of market prospects, respondents are generally positive about the outlook in traditional markets. Seventy-three per cent of respondents foresee Korea to be promising or very promising, followed by Taiwan (71%) and Hong Kong (69%). For emerging markets, 77% of respondents view Mainland China as promising or very promising this year, followed by ASEAN (72%) and South Africa (71%).
Regarding product trends, the lighting industry is most optimistic about commercial lighting, smart lighting and solutions, and residential lighting. The electronics industry finds electrical and electronic accessories to be the most promising product category, followed by digital imaging, audio-visual products and home appliances. As for the houseware industry, eco-friendly products, kitchenware and gadgets, and furniture are considered to have the strongest growth potential this year; while the gifts industry sees advertising gifts and premiums, tech gifts, figurines and decorations, and toys and sporting goods to have the best outlook.
Full release can be viewed at http://mediaroom.hktdc.com/en/pressrelease/detail/19978/
Established in 1966, the Hong Kong Trade Development Council (HKTDC) is a statutory body dedicated to creating opportunities for Hong Kong's businesses. With 50 offices globally, including 13 on the Chinese mainland, the HKTDC promotes Hong Kong as a platform for doing business with China, Asia and the world. With more than 50 years of experience, the HKTDC organises international exhibitions, conferences and business missions to provide companies, particularly SMEs, with business opportunities on the mainland and in international markets, while providing business insights and information via trade publications, research reports and digital channels including the media room. For more information, please visit: www.hktdc.com/aboutus. Follow us on Google+, [email protected], LinkedIn.
Sunny Ng, Tel: +852 2584 4357, Email: [email protected] Source: HKTDC Topic: Trade Show or ConferenceSectors: Trade Shows http://www.acnnewswire.com From the Asia Corporate News Network
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Authors: ACN Newswire