LCQ7: Promoting the development of the "nostalgia economy"
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Question:
There are views pointing out that as young people have become increasingly keen to pay for emotional value and cultural identity, the "nostalgia economy" that transforms nostalgia for the good old days into spending power has emerged globally, with products such as film cameras and Beyblades regaining popularity. There are views that while Hong Kong possesses rich cultural assets and collective memories capable of providing consumers with exceptionally high emotional value, relevant industries are at present mostly operated by the private sector in a fragmented manner without long-term policy guidance and industrial chain integration. In this connection, will the Government inform this Council:
(1) whether the Government has compiled statistics on the revenue contributed by the "nostalgia economy" to the Gross Domestic Product over the past three years, and whether it has assessed the actual economic benefits that the "nostalgia economy" can bring to Hong Kong in the next three years;
(2) as there are views that promoting the "nostalgia economy" and enhancing the emotional value of products and brands will help stimulate local consumption and revitalise tourism appeal, whether the Government will study and introduce policy measures to develop the "nostalgia economy", including encouraging the trade to leverage Hong Kong's collective memories and transform them into commercial industries, thereby injecting new vitality into the real economy through the "nostalgia economy";
(3) of the specific policies put in place by the Government to (i) assist local creators as well as small and medium enterprises in transforming classic Hong Kong cultural elements with emotional value (e.g. animation and comics, historic buildings and nostalgic trendy items) into commercially valuable cultural intellectual property, and enhance the assessment criteria of the Dedicated Fund on Branding, Upgrading and Domestic Sales by incorporating the "emotional economy" and "conveyance of emotional value" into the assessment standards, and (ii) assist declining local heritage brands and traditional crafts in their transformation and upgrading, package products with a rich history as new economic growth points, and provide policy support for local brands carrying emotional value; and
(4) whether the Government will consider drawing on overseas experience to lead or fund the organisation of a major international "Hong Kong-style Retro Trend Festival", combining traditional Hong Kong-style handicrafts with iconic scenes from Hong Kong films to create immersive consumption experiences with substantial commercial value, so as to attract tourists from the Mainland and overseas to "check in" and spend in Hong Kong?
Reply:
President,
Having consulted the Commerce and Economic Development Bureau, the Trade and Industry Department, the Census and Statistics Department and the Office of the Government Economist, the reply in response to the questions raised by Dr the Hon Johnny Ng is as follows:
(1) The Government does not maintain statistics on the proportion of "nostalgia economy" in the Gross Domestic Product.
(2) to (4) The Government has all along been encouraging local enterprises to upgrade and transform through various support measures, with a view to enhancing their market competitiveness as well as identifying new business growth points in the face of the complicated and ever-changing market environment.
The Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) under the Trade and Industry Department (TID) provides funding support to the trade with a view to encouraging non-listed Hong Kong enterprises to develop more diversified markets outside Hong Kong to enhance their competitiveness. Eligible enterprises from all industries and sectors complying with the funding criteria may, according to their business characteristics and needs, apply for funding support to implement projects on branding, upgrading, and domestic sales for their products or services. Besides, the Chief Executive's 2026 Policy Address announced that the TID will co-ordinate with the "Four-in-One" Integrated Services of SME Centres to organise branding seminars and workshops, which covers aspects such as exploration of new markets, to assist small and medium-sized enterprises in formulating brand development strategies, thereby increasing the inherent competitiveness of brands and seizing the opportunities brought about by emerging industries.
Meanwhile, the Hong Kong Trade Development Council (HKTDC) actively promotes Hong Kong brands, leveraging Hong Kong's strengths as an international business hub and a gateway connecting with the Mainland and the world to help Hong Kong enterprises enhance their brand value and expand into new markets. Through a diverse range of business activities and support services, the HKTDC will continue to facilitate the expansion of Hong Kong brands into the Mainland and overseas markets. These include setting up dedicated brand promotion zones at more than 30 local and international exhibitions held each year to boost brand visibility and expand business opportunities for different industries and sectors in Hong Kong, as well as organising promotional events or setting up Hong Kong Pavilions at major exhibitions abroad to assist Hong Kong enterprises in brand development.
The Government encourages the industry to leverage Hong Kong's rich cultural intellectual property (IP) to explore business opportunities. The Cultural and Creative Industries Development Agency (CCIDA) under the Culture, Sports and Tourism Bureau has been identifying potential projects in the creative sectors, encouraging cross-sectoral collaboration, and promoting the development of cultural IPs and cultural IP trading, with a view to advancing industrialisation of cultural IPs. CCIDA leverages Hong Kong film IP to promote tourism, and has launched in the past two years the "Kowloon Walled City: A Cinematic Journey" exhibition at the Kowloon Walled City Park and the "Yau Ma Tei Police Station: A Cinematic Journey" exhibition at the Old Yau Ma Tei Police Station (Old YMTPS), showcasing the Walled City filmset and the then everyday life at the Walled City, and filmset of classic Hong Kong police and crime films respectively. The two exhibitions are well-received by the public and visitors. CCIDA will take forward the second phase of "Yau Ma Tei Police Station: A Cinematic Journey" exhibition, which is expected to be launched in early 2027. In addition, the Hong Kong Tourism Board (HKTB) will design routes of classic Hong Kong films connecting the Old YMTPS, Temple Street and neighbourhood historical buildings and activities, complemented by authentic local night markets and dining experiences, thereby allowing tourists to take a deep dive into Hong Kong's unique cityscape and local life culture. To leverage Hong Kong's traditional festivals and cultural contents, the HKTB will also demarcate a period each year for the International Arts Season (February to May), the Chinese Arts Season (June to September) and the Festive Mega Events Season (October to February the following year), setting a mega-event framework under these three themes to solidify Hong Kong's reputation as the Events Capital of Asia as well as to boost visitor spending and extend their stay in Hong Kong.
The Intangible Cultural Heritage Office under the Leisure and Cultural Services Department actively assists local cultural and creative industry brands to launch creative cultural merchandise related to Intangible Cultural Heritage (ICH). For example, it has co-operated with a local fashion brand since 2024 to present a series of new-style cheongsams that revitalise traditions, and clothing created with ICH elements to showcase Hong Kong's ICH elements in a novel way. The ICH Office will continue to provide information on ICH to suitable cultural and creative industry brands, so as to assist them in transforming ICH into value-added cultural and creative products through revitalisation.
Ends/Wednesday, October 7, 2026
Issued at HKT 12:05
Issued at HKT 12:05
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