The popularity of restaurant delivery services has been on the rise in Hong Kong in recent years.
Customer preferences: Hong Kong residents are known for their busy lifestyles, and as a result, they often prefer the convenience of having food delivered to their doorstep. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in demand for food delivery services as people spend more time at home. In addition, the younger generation in Hong Kong is more willing to try new things, including different types of cuisine from around the world, which has also contributed to the growth of the restaurant delivery market.
Trends in the market: One of the main trends in the restaurant delivery market in Hong Kong is the rise of online platforms that offer a wide range of food options from different restaurants. These platforms have become increasingly popular as they provide customers with a one-stop-shop for all their food delivery needs. Another trend is the use of technology to improve the delivery experience. For example, some restaurants have started using drones to deliver food, while others have implemented contactless delivery to reduce the risk of COVID-19 transmission.
Local special circumstances: Hong Kong is known for its vibrant food culture, with a wide range of cuisines available from around the world. This has led to a highly competitive restaurant industry, with many establishments vying for customers' attention. As a result, many restaurants have turned to delivery services as a way to expand their customer base and increase revenue. In addition, Hong Kong has a high population density, which makes it easier and more cost-effective for restaurants to offer delivery services.
Underlying macroeconomic factors: The growth of the restaurant delivery market in Hong Kong can be attributed to several underlying macroeconomic factors. Firstly, the city has a highly developed logistics infrastructure, which makes it easy for restaurants to offer delivery services. Secondly, Hong Kong has a high smartphone penetration rate, which has made it easier for customers to order food online. Finally, the city has a large population of expats and international students who are more likely to use delivery services to try different types of cuisine from around the world.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.Modeling approach / Market size:
Market sizes are determined through a bottom-up approach, building on predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.
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