The 2024 edition of the HKTDC Wine & Spirits Fair arrived with renewed momentum, thanks in large part to a surprise policy shift that slashed spirits taxes just weeks ahead of the event. Held from 7 to 9 November, the fair welcomed 8,200 trade buyers from 61 countries and regions, a notable increase from the 7,000 attendees representing 49 countries in 2023.

The renewed energy was evident across the event halls, with producers, distributors and buyers buzzing with optimism. After years of pandemic-related setbacks and growing speculation that Singapore might overtake Hong Kong as Asia’s wine and spirits hub, the fair served as a timely reminder of the territory’s enduring appeal.

The tax cut, announced by Chief Executive John Lee Ka-chiu on 16 October, was a game changer. Spirits with an ABV of 30% or more had previously been taxed at a whopping 100%, placing Hong Kong among the most expensive regions globally for spirits importation. Under the new policy, only the portion of a bottle’s price exceeding HK$200 is taxed at 10%. The move is expected to significantly boost the trade of high-end spirits.

Spirits take center stage

More than a quarter of exhibitors at the fair focused on spirits, with an eclectic showcase that included Chinese baijiu, whisky, vodka, and brandy. Sophia Chong, deputy executive director of the HKTDC, said the new tax policy is “expected to enhance the trade of high-end spirits” and was clearly already having an impact at the event.

Chong highlighted an uptick in buyer engagement from ASEAN countries such as Indonesia, Thailand, Malaysia, the Philippines, and Vietnam, indicating strong regional interest. Buyers from Japan, Taiwan, and Mainland China were also well-represented, further reinforcing Hong Kong’s role as a strategic gateway to the wider Asian market.

“Global buyers are keen to come to Hong Kong to participate in the Wine and Spirits Fair,” said Chong. “The policy shift has undoubtedly reignited enthusiasm and strengthened Hong Kong’s position as a regional trading hub.”

Eastern Europe makes a statement

One of the standout trends at this year’s fair was the growing presence of Eastern European winemakers, particularly from the Czech Republic, Belarus, and Georgia. Among them, the Czech wine industry stood out with the largest pavilion, signaling a strong desire to build commercial relationships in Asia.

Filip Lutzky, executive manager and winemaker at Czech winery Obelisk, noted that Czech wines had enjoyed solid exposure in Asia prior to the pandemic but have since struggled to regain ground. “It has not been easy for us,” he admitted. However, Lutzky remains optimistic, describing Hong Kong as a vital platform for re-entry into the broader Asian market. “We are here to be discovered,” he said, citing interest from buyers in Hong Kong, Taiwan, Mainland China, and Thailand.

The Czech Republic boasts around 17,000 hectares of vineyards—comparable in size to France’s Alsace—with more than 19,000 registered growers, many of whom are small-scale and family-run.

Knowledge sharing and global tastings

Beyond the exhibition floor, the fair featured a robust lineup of conferences, seminars, and tasting sessions. Hosted by Masters of Wine, sommeliers, and industry professionals, these sessions explored market trends and consumer preferences, offering valuable insights for both seasoned traders and emerging brands.

The Friends of Wine zone also added a culinary dimension to the event, presenting food pairings designed to complement wines and highlight regional specialties. This integration of food and wine further emphasized Hong Kong’s role not only as a commercial center but also as a cultural and educational hub for the wine and spirits industry.

Looking ahead

With the spirits tax cut injecting fresh energy into the market and buyer engagement on the rise, the 2024 HKTDC Wine & Spirits Fair has reaffirmed Hong Kong’s position as the leading drinks hub in Asia. While competition from other regions remains, the city’s ability to respond dynamically to industry needs—through both policy and event programming—gives it a continued edge.

For producers looking to connect with Asia’s trade network, and for buyers seeking global variety, Hong Kong remains a compelling and influential platform.