Nearly half of businesses say China is a target market for expansion: report

Other destinations include Canada and Australia. 

Businesses may have turned to e-commerce for selling their goods but some are still eager to grow their physical presence, with 45% who said they want to expand in China, an Adyen report showed.

The study also indicated that Hong Kong businesses are grappling with the inflation impacts the most than other markets in the Asia Pacific region. Almost 60% said they must offer discounts to consumers year-round due to inflation, higher than the APAC average of 45%.

Hong Kong shoppers confirmed shifts in their purchasing behaviour due to the rising cost of living, with more than a third saying they spend more time searching for online deals and waiting for sales days before buying a product.

Adyen commissioned Opinium LLP to poll 36,000 consumers and Censuswide to poll 12,000 businesses globally, including 1,000 consumers in Hong Kong and 521 Hong Kong businesses.