With an overall economic freedom score of 89.1, Hong Kong remains one of the freest economies in the world, placing 2nd in 2020 behind Singapore. The US-based Heritage Foundation explains that countries with high economic freedom have business-friendly tax codes and governments that encourage innovation and entrepreneurship. The liberty granted in the business sector of Hong Kong creates more opportunities for companies to develop in the country. Additionally, foreign brands have a high chance of penetrating the local market.
Heritage Foundation studies also show that people of top-ranking countries live longer, have better health, are more educated, and have better ecological protectors. Considering these attributes for Hong Kongese consumers would indicate which businesses have the potential to flourish in this market. To set up shop in Hong Kong, marketers would have to identify what these economically free people need.