The reopening of borders serves a lifeline for Hong Kong SAR, yet returning to pre-pandemic levels is proving challenging due to talent scarcity as employers seek skilled and specialised talent. 

In the domains of retail, hospitality and luxury brands in Hong Kong SAR, there's a notable trend towards customising customer engagement strategies, which has led to higher demand for deeper, specialised skills.

Talent scarcity is also further exacerbated by the trend of organisations leveraging artificial intelligence in business operations to optimise efficiency and enhance customer experiences. This emerging trend may fuel job creation and intensify the competition for qualified professionals in luxury and retail.

This article offers insights from Randstad Hong Kong SAR’s 2024 market outlook and salary trends report, including key labour trends and employer insights on salaries, bonuses, hiring trends and talent expectations in the luxury and retail industry. 

Download the full report to gain valuable insights for your talent attraction and workforce planning strategy in 2024.

luxury retail industry outlook in hong kong
luxury retail industry outlook in hong kong

digital transformation: jobs in focus

In 2024, we anticipate a surge in talent demand in customer relationship management, data management and analytics to drive online sales, a shift from the demand for talent in digital marketing and e-commerce sales from previous years. 

As retailers increasingly leverage AI, professionals adept at interpreting and applying data insights will be crucial for making strategic decisions to improve cost efficiencies and boost business growth.

Companies will also be investing in their media marketing capabilities as they adopt new standards to increase targeting accuracy and measure campaign performance. We expect to see an increase in demand for upper-funnel marketing skills, including branding, digital and social media marketing, particularly within the fast-moving consumer goods industry in 2024.

Omnichannel operations talent will also be in high demand as retailers strive to provide a seamless shopping experience across multiple platforms. This reflects the industry's commitment to meeting consumers wherever they are, online or offline. Notably, the rise of live video shopping is emerging as a significant channel, providing customers an interactive, personalised and immersive shopping experience.

Amid this dynamic landscape, international brands actively seeking expansion opportunities in Hong Kong SAR are driving digitalisation, personalisation, speed and sustainability.

talent movements & skills demands

Despite the positive outlook for the industry, talent acquisition poses its own set of challenges. Companies face the dilemma of hiring in response to growing consumer demand, while also grappling with a shortage of candidates and misaligned salary expectations.

in demand skills in luxury retail industry outlook in hong kong
in demand skills in luxury retail industry outlook in hong kong

Besides strong technical expertise in AI, CRM and data analytics, companies are also looking for candidates with great soft skills. In an era where consumers seek more than just transactions, professionals with excellent interpersonal skills and a customer-centric approach will thrive. 

talent priorities on salaries and benefits 

In the quest for new job opportunities, talent is more likely to prioritise companies with positive reputations, valuing those with ethical business practices, strong work cultures and a commitment to employee well-being. 

The significance of work-life balance has increased, with a growing emphasis on hybrid and remote work options, which is particularly influenced by the proximity of the workplaces to the employee’s residence. Professional growth is a key factor, with individuals who weathered pandemic setbacks now seeking clear paths to promotion, complete with tangible timelines as well as clear and achievable goals. 

In terms of salaries, frontline talent will be negotiating for a salary increment of between 5% and 30%, depending on their previous base salary. The variance in this range reflects the diversity of roles within the sector, with factors such as competitor and product knowledge, experience, commission structure, and location influencing the negotiation process. 

Sales and marketing professionals in office-based jobs will generally expect a salary increase ranging from 10% to 20% on the total annual package, inclusive of additional benefits, bonuses and commission structures. 

download hong kong SAR’s 2024 market and salary outlook report

The 2024 Randstad Hong Kong SAR’s Market and Salary Outlook report looks at talent analyses, key trends and new salary benchmarks in the following industries:

partner with randstad

Randstad is your talent solution partner. Our specialised recruiters work closely with employers and talent for the perfect match with our true-fit methodology to evaluate a talent’s suitability across three dimensions - job fit, boss fit and company fit. Connect with our recruitment consultants for the latest labour market insights in Hong Kong SAR and your unique talent recruitment needs.

If you’re a job seeker looking for better job opportunities and career growth, start your career journey with us by applying to our latest job openings in luxury and retail or submit your CV to us to take the first step in advancing your career.

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