Hong Kong's Treasury Secretary Paul Chan tabled his eighth budget on Wednesday, scrapping a decade-old cooling measure aimed at curbing speculation and highlighting the importance of promoting the digital economy and Hong Kong's brand. He plans to provide more than HK$1 billion to host the mega event in Hong Kong.
City Leader John Lee said the 2024-25 budget meets the expectations of the public and businesses while building momentum for recovery, and appealed to all sectors of the community to support the budget.
Don't miss: 6 key takeaways for Hong Kong's marketing community from Budget 2024
Mr. Li said that amid an uncertain geopolitical situation and economic fluctuations, the budget proposal includes a series of concrete measures to boost confidence, meet the expectations of the public and businesses, and solidify the momentum of recovery. He said he would launch the
“Taking a long-term perspective, we are committed to promoting Hong Kong's high-quality development, accelerating the growth of strategic industries, developing talent and strengthening competitiveness,” he said. .
“We welcome the budget's fiscal consolidation program, which focuses on restoring fiscal balance while taking full account of the financial constraints of people and businesses.”
Regina Yip, convener of informal members of the Executive Council (ExCo), said in a media briefing that the theme of this year's budget is to be confident in Hong Kong's future and seize opportunities to promote high-quality development. He said that.
“Overall, we believe this is a very comprehensive and prudent fiscal budget that will help Hong Kong return to growth and keep public spending in check.”
Hong Kong's Chamber of Commerce and Industry also supports the latest budget proposal. Jonathan Choi, president of the China General Chamber of Commerce and Industry, said the budget accepts many recommendations put forward by the committee, including the removal of cooling measures for the real estate market and measures to boost business confidence and attract talent. .
He said measures to optimize the development of the fintech industry and deepen regional cooperation could help enhance Hong Kong's overall competitiveness and attractiveness.
While authorities praise this “appropriate and realistic” budget, what do those in the advertising and marketing industry think? See what Adland leaders MARKETING-INTERACTIVE contacted about this year's budget had to say.
Yvonne Marr, Eighty20 Founder and Managing Director
It is important to hold more tourism events in Hong Kong, such as additional entertainment events at the harbor front and monthly fireworks displays. These definitely add value for many short-haul travelers. However, it is important to assess whether fireworks alone attract tourists or serve simply as an addition to the trip.
Rather than allocating large budgets for monthly fireworks displays, it may be more strategic to focus on urban walks, as highlighted in the proposal, and develop additional services based on this concept. Collaborating with a variety of creators to highlight the uniqueness of each district can be a game-changer. Hong Kong is unique due to its compact size and diverse cultures and landscapes in different locations. Extending this concept can yield significant benefits.
In addition to the strategies outlined in the policy, we hope that the Hong Kong government will work with developers to attract more unique foreign brands, theme parks and museums to Hong Kong to differentiate it from neighboring cities. To do.
Additionally, Hong Kong will benefit from carefully planned international mega-events, including world-class concerts, music festivals and sporting events, which will attract high-spending consumers from around the world. Given Hong Kong's strategic location, many international brands are likely still interested in hosting major events in Hong Kong. Our government should take the initiative and promote cooperation between various stakeholders in order to prepare well in advance for competition with other nearby cities and countries. You can take a more active role.
It is essential to take a more strategic approach and target more overnight guests and short-haul travelers to encourage longer stays and increased spending. Strategies may vary significantly, but the overall goal is the same. It is to position Hong Kong as a premier tourist destination, offering unique and immersive experiences that showcase the city's rich cultural heritage and contemporary vibrancy.
Alice Chow, GroupM HK CEO
It's great to see the Hong Kong government investing in monthly fireworks and drone shows to attract more tourists to Hong Kong, and this initiative could benefit a wide range of businesses and increase their marketing budgets is hidden.
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Rudy Leung, Director and Founder of Hungry Digital
We are pleased that the 10-year-old “draconian” restrictions on the property market have been lifted. This may not have an immediate impact on the market, but it could at least slow down the market decline. We hope that this move will benefit the entire Hong Kong economy, including the marketing industry, as Hong Kong's economy and consumer confidence are closely linked to the real estate market.
From a tourism strategy perspective, more than HK$1.09 billion has been allocated for tourism development and event hosting, creating opportunities for the marketing industry. But he's skeptical of some tactics, such as fireworks and drone shows. These are not unique or sustainable attractions for tourists. Now that most of the tourist shoppers are gone, we need to think deeper and create unique experiences that attract a new generation of tourists.
On the other hand, budgetary support for AI development, technology transfer offices, and startups working in AI-related fields could foster cooperation between the advertising industry and technology companies. This could lead to the development of AI-powered advertising technology, an area where Hong Kong lags behind neighboring markets.
Jeffrey Hau, Co-founder and CEO, Prizm Group Hong Kong
It's really gratifying to see active and ambitious efforts to boost tourism and improve the energy of the city. However, for example, fireworks festivals and drone shows that are held every month need to be approached with consideration for multifaceted cost-effectiveness. Is this in line with the tastes of our target tourist demographic and whether they deliberately plan their visit around this monthly event? While increased tourism is always welcome, we need to focus on attracting specific tourist groups that are currently lacking.
I'm all for the idea of hosting large scale business events to attract business travelers. These events not only bring economic value to Hong Kong, but also help revitalize the city's image as a global city. However, it's important to realize that it's not just the event itself that attracts attendees. The surrounding hustle and bustle, activities, after parties, gastronomic scene, and available city day tours all contribute to the overall appeal. It's not just a hardware issue. Software such as trial versions are equally important.
Utilizing foreign influencers to promote the city is certainly a promising approach. However, success is in the details. We carefully select the right influencers and provide them with the right guidance and framework to ensure that the content they create is free of promotional elements and truly engaging and compelling for their audience. We need to ensure that it is what it is.
Mr. Milton Liao, Managing Director of Wavemaker Hong Kong and Chief Business Officer of Wavemaker South China
For Hong Kong's tourism promotion plans, holding monthly fireworks and drone shows, and organizing seasonal activities for the city are good strategies to bring back tourists. In 2023, mainland China experienced a clear consumption slump.
This makes shopping and fine dining in Hong Kong even more expensive. Another threat to shopping in Hong Kong is that mainland Chinese consumers increasingly prefer Chinese brands and products made in China. This reduces the market size for these consumers to shop for Western brands and products in Hong Kong.
Creating a more unique Hong Kong experience, especially one that takes full advantage of Hong Kong's unique harborside experience, can help offset these challenges. Imagine standing in the harbor, surrounded by the glittering lights of one of the world's greatest city skylines. Meanwhile, the sky suddenly takes on the dazzling colors and sounds of fireworks and drone shows. This left the tourists gasping and filled with amazement. Such an experience has not been seen in major cities in mainland China for now or in the near future. Seasonal port events such as shows, concerts, and sporting events are even more fun.
The city should promote this idea more aggressively in mainland China. Today's advertising technology allows you to reach consumers who are planning a trip to Hong Kong and are looking for such an experience. From the moment you start searching for general information, booking tickets and hotels, to the moment you start your trip, you will receive messages from him with relevant promotions. The Wavemaker GBA team helps brands effectively identify these target audiences through online search and browsing activity. Next, select social media and outdoor influencer sites to bring your message to life.
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