- GDP nominal: 290.8 billion USD
- Population: 7.2 million
- Unemployment rate: 3.2%
- Ease-of-doing-business rank: 5th
As one of the world's leading international financial centers, Hong Kong's service-oriented economy is characterized by its low taxation and almost free port trade. Its economy is governed under positive non-interventionism, and is highly dependent on international trade and finance.
Hong Kong's economic strengths include a sound banking system, virtually no public debt, a strong legal system, ample foreign exchange reserves, rigorous anti-corruption measures and close ties with the Mainland China.
These strengths enable it to quickly respond to changing circumstances.
Direct Selling in Hong Kong
- GDP Growth Constant USD 2014: 2.5%
- YoY Industry Growth Constant USD 2014: -10.6%
Compared to other countries within the region, Hong Kong is a small and has a relatively old population (7 million, median age of 43.5 years), low unemployment rate (3.2%) and high-GDP/Capita which limits the potential of Direct Selling companies to empower people. It is also a very small territory making fixed retail channel and E-commerce the preferred distribution channels. Still, Hong Kong has several strengths: clear and simple regulations coupled with attractive fiscal rates as well as proximity to China makes Hong Kong an ideal location for regional headquarters for international Direct Selling companies.
The demand for Direct Selling products in Hong Kong is concentrated on high-quality supplements and cosmetics from U.S. Companies. The industry represents 450 million USD in 2014 with 550,000 Distributors.
Sources: ASENSHIA, World Bank, WFDSA, Euromonitor, Wikipedia