Hong Kong SAR’s Sales and Marketing Industry Outlook & Salary Trends 2024

As we anticipate the challenges and opportunities that lie ahead in 2024, the recruitment landscape in the sales and marketing industry maintains a conservative stance, reflecting prevailing market sentiments.

Amid business expansion and cost reviews, many employers have started to critically assess the necessity of certain roles. This has led to varying job prospects for professionals across various career stages. While there remains a steady stream of job opportunities for junior to mid-level sales and marketing talent, we are seeing a lower demand for senior professionals.

Stay ahead in the dynamic job landscape and secure top talent in 2024 with Randstad Hong Kong's Market and Salary Outlook Report. Uncover key labour trends and gain valuable market insights on salaries, bonuses, hiring trends and talent expectations in the sales and marketing industry.

Access the complete report to enhance your competitive edge on your talent attraction and workforce planning strategy in 2024.

navigating growth amid sectoral shifts in sales and marketing industries

The demand for sales and marketing professionals varies across industries. In 2024, growth is expected to be sluggish within the banking and financial services sector due to rising interest rates and cost inflation in Hong Kong SAR. Traditional banks are focusing on replacement roles rather than investing in significant workforce expansion.

In contrast, the insurance industry is witnessing substantial growth, driven by the opening of the Hong Kong-China border. This has created a high talent demand for customer service representatives, sales and marketing professionals as well as wealth managers within this sector.

The tourism and hospitality industries are also actively growing, despite lower-than-expected tourist inflows in 2023. Organisations in these sectors are investing in improving direct customer experiences, leading to a surge in demand for customer-facing operations staff, including roles in guest relations and concierge service offices.

In the technology sector, global layoffs in SaaS and IT firms have impacted Hong Kong, prompting a shift in job seekers’ preferences. Now, professionals are choosing to work for traditional companies that offer greater stability, even if it means accepting a pay cut.

As e-commerce has undergone exponential growth in recent years, there is a corresponding increase in hiring expectations within this sector. Companies are actively seeking professionals who can drive both growth and performance marketing. However, finding talent with the requisite skills and experience is proving challenging in Hong Kong SAR, where individuals are increasingly focused on developing expertise in other specific niches such as data analytics and social media marketing.

In the real estate space, sales and marketing professionals can expect stable talent demand in 2024, driven by organisations returning to office spaces and a renewed focus on customer experience.

bridging the gap: hong kong talent and the rise of chinese brands

As Chinese brands continue to expand their footprint in Hong Kong SAR, local companies in Hong Kong are aligning their capabilities with the increased business demands from mainland China.

However, local talent may face challenges meeting specific requirements related to experience, network and language skills. Chinese brands expanding in Hong Kong SAR also seek professionals who are familiar with digital marketing platforms like Baidu (百度) and Xiao Hong Shu (小紅書), reflecting the pivotal emphasis on recovery growth for many Chinese companies making inroads in the Hong Kong SAR market.

2024 sales and marketing salary trends

Amid this talent-scarce landscape, job seekers are optimistic about their salary increments.

For sales and marketing professionals who did not switch employers during the pandemic, 2024 is being viewed as a good time for a career upgrade. This cohort of workers has developed a deep understanding of their ability to create value and deliver results in the company, as well as a keen awareness of the evolving market dynamics and conditions.

Well-networked and experienced professionals are seeking a 25% to 30% salary increase on their basic pay. This trend is particularly pronounced in high-growth industries like insurance, tourism and hospitality as well as e-commerce.

In addition to salary expectations, non-monetary benefits like flexible work arrangements are becoming critical in the company’s ability to attract top talent. Employers should adapt their recruitment strategies to meet the changing talent expectations to ensure that they stay competitive in the evolving job market.

download hong kong SAR’s sales & marketing industry 2024 market and salary outlook report.

The 2024 Randstad Hong Kong SAR’s Market and Salary Outlook report looks at talent analyses, key trends and new salary benchmarks in the following industries:

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Randstad is your talent solution partner. Our specialised recruiters work closely with employers and talent for the perfect match with our true-fit methodology to evaluate a talent’s suitability across three dimensions - job fit, boss fit and company fit. Connect with our recruitment consultants for the latest Hong Kong SAR's job market and your unique talent recruitment needs.

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