More SMEs in Hong Kong expect increased sales in 2024

In 2023, 63% of SMEs saw higher sales.

Seven in 10 (70%) small and medium enterprises (SMEs) expect higher sales in 2024, data from QBE Insurance showed.

In 2023, only 47% of SMEs said they were expecting an increase in sales in the coming year. 

More SMEs also believe the next 12 months will present better economic conditions (47% in 2023; 70% in 2024).

Whilst having a positive outlook on Hong Kong’s economy, three economic conditions still concern Hong Kong SMEs.

SMEs are most concerned about investor/consumer confidence (63%), followed by increasing operating costs (60%) and decreasing customer demand domestically  (55%). 

To address these concerns, SMEs plan to properties cost control (73%), followed by customer base and business diversification (50%).

Some (48%) plan to shore up domestic demand and local business opportunities.