K11 MUSEA and K11 Art Mall, integral parts of Hong Kong’s K11 Group, concluded the month of December with noteworthy sales figures, which could indicate a steady recovery in consumer confidence in the region’s beleaguered retail sector.
K11 MUSEA, known for its unique mix of retail and cultural experiences, witnessed a significant increase in member sales during Christmas, nearly 80% higher than the previous year. Sales among KLUB 11 Black Card members, representing the most affluent customers, also saw a 50% increase compared to last year. These figures suggest a rebound in high-end consumer spending.
KLUB 11 operates on a structured tier system, catering to varying levels of consumer spending. Black Card membership requires HK$120,000 (US$15,360) in spending within 30 days or HK$300,000 (US$38,408) over 12 months and opens holders up to exclusive merchant offers and partnership benefits with companies like Rosewood Hong Kong. KLUB11’s other tiers, Gold Card and General membership, are accessible with a lower spending threshold and offer scaled benefits like parking privileges.
The success of K11 MUSEA’s holiday season is partly attributed to its collaborations with over 15 international fashion and beauty brands, including a notable partnership with Dior for the “Carousel of Christmas Dreams” event. Despite the concurrent trend of local consumers traveling abroad, the establishment has maintained robust sales and footfall.
K11 Art Mall, appealing to younger demographics, reported its highest footfall since opening, thanks partly to innovative initiatives like the first official Nintendo pop-up store and a collaboration with Sony Music, which included a physical recording studio setup. These ventures reflect the mall’s alignment with current cultural trends and its appeal to Generation Z consumers. Both K11 MUSEA and K11 Art Mall experienced heightened activity across various merchant categories, with significant increases in sales of jewellery, watches, and international fashion brands. This performance underscores the sustained interest of Hong Kong consumers in luxury and lifestyle products.
As K11 Group ushers in the New Year, these results highlight the resilience of Hong Kong’s retail sector, showcasing a steady engagement with both local and international consumers. The Group’s focus on a blend of culture and commerce continues to resonate in the market, signifying a positive outlook for the retail industry in the region.