Hong Kong exclusively held ComplexCon, attracting over 36,000 guests, competing with Singapore for "emotional value" and "young people willing to come for an IP."

Hong Kong hosts a series of artistic events every March, among which the highly representative international cross-border trend event ComplexCon just concluded last weekend. In recent years, both Hong Kong and its "old rival" Singapore have been vigorously developing "event economy" to capture the emerging consumer group seeking "emotional value." The Singapore Tourism Board (STB) made its debut at ComplexCon Hong Kong this year. In an exclusive interview with Sing Tao Daily, its Chief Representative and Executive Director for Greater China, Pan Zhengzhi, stated that in the current economic environment, "rather than saying consumption is downgraded, it should be said that consumption is shifting." In response to the younger generation's "live in the moment" consumer mentality, Singapore is also making targeted adjustments in tourism experiences. What is ComplexCon? ComplexCon, organized by the American trend media "Complex," is the world's largest trend culture carnival, gathering sneakers, fashion, music, art, food, and innovative technology. The event has been held since 2016 and attracts numerous trend brands, designers, and celebrities each year, including the release of limited trend items, expert discussions, and star-studded music performances. This year's ComplexCon was held at the AsiaWorld-Expo in Hong Kong, featuring key experiences such as the ComplexCon GIFT SHOP, a "paradise for toy collectors," and "The Monsters," an immersive experience brought by the event's creative director, Long Jiasheng, known as the "father of Labubu," as well as a three-meter-high giant art installation "Stone Shoe Dragon" created by Singapore's emerging artist tobyato. Data shows that the two-day event attracted trend enthusiasts from around the world, with a record single-day attendance of over 21,000 on March 22, and a total attendance exceeding 36,000. In fact, starting in 2024, ComplexCon will first land in Asia, choosing Hong Kong as the only host city and will be held for three consecutive years, becoming a core hub connecting Asian and global trend culture. In addition to ComplexCon, Hong Kong has been actively developing its "event economy" in recent years, hosting multiple concerts and sports events over the past year, such as Coldplay's four concerts at the Kai Tak Sports Park, attracting about 200,000 local and overseas audiences and generating approximately HKD 1.2 billion in economic benefits. According to the earlier announcement by the Hong Kong Tourism Board, the preliminary number of visitors to Hong Kong last year reached 49.9 million, an increase of 12% year-on-year. Tourism Consumption Shifts to "Emotional Value" On the other hand, Hong Kong's "old rival" Singapore has also been pursuing the "emotional value" route in recent years. Pan Zhengzhi from the Singapore Tourism Board pointed out that the travel consumption habits of the younger demographic in the Greater China region have changed significantly post-pandemic. Previously, travelers tended to focus on sightseeing and purchasing luxury goods or branded items; now, young people are more eager for in-depth travel, seeking memories and immersive experiences during the purchasing process to satisfy "emotional value." To cater to this trend, Singapore has made targeted adjustments in tourism experiences, such as introducing the immersive dining experience "AndSoForth," where diners move through different rooms as the story unfolds, with each room being a brand new dramatic scene, and the dishes are prepared according to the theme In terms of IP and trendy toys, many IP collaborations attract a considerable number of young customers to visit specifically. For example, the Singapore Tourism Board collaborated with Pop Mart to launch the Singapore-exclusive LABUBU Merlion vinyl figure and partnered with the National Museum to present the SKULLPANDA themed exhibition. This year, they further collaborated with mainland artist Wang Hedi's brand D.Desirable to open the first overseas pop-up store in Singapore. When discussing the booming economy, he pointed out that "more and more young people are willing to travel to a city for an IP or a concert." Concerts are not just two-hour performances; they also drive the overall tourism industry. Taking Taylor Swift's concert as an example, the event prompted many stores to launch pop-up retail and themed dining. UOB data shows that credit card spending in Singapore surged by 35% in the first quarter of 2024, driven by the concert. Among them, clothing retail grew by 85%, travel by 80%, accommodation by nearly 45%, and dining by over 30%. He also emphasized that concerts not only stimulate the immediate economy but also serve as a "grass-planting" platform, allowing travelers to deeply experience local happiness, becoming an incentive for future visits. Diversifying Source Markets for Risk Investment In the face of global economic fluctuations, Pan Zhengzhi believes that rather than "consumption downgrade," it is more accurate to say "consumption shift." Regarding whether more people will be attracted to other more affordable Southeast Asian countries in the current environment, he stated that if source markets are viewed as investments, they will diversify their risk investments. Since 2013, Singapore has established a "quality tourism" strategy, not blindly pursuing the number of tourists but accurately attracting consumer-capable demographics while providing diverse options, achieving "rich or frugal as one wishes," and diversifying investments in different source markets to balance risks. Data shows that from January to December 2025, the main tourist source markets will have the largest sources in the following order: mainland China, Indonesia, and Malaysia, with mainland China maintaining the top position with 3.1 million tourists. Per capita spending continues to exceed pre-pandemic levels, and it is projected that by 2026, the number of visitors will reach 17 million to 18 million, with per capita spending remaining stable. Injecting New Elements to Attract Hong Kong Visitors for Repeat Visits When discussing the Hong Kong customer base, Pan Zhengzhi described Hong Kong as a "mature market." Due to the similarities in urban planning and language environment between the two places, Hong Kong visitors often explore independently and are less sensitive to prices and hotel value for money. To attract Hong Kong visitors for repeat visits, the key lies in injecting new elements into existing products, such as regularly changing IP exhibitions like "Avatar" or "Jurassic Park" at Gardens by the Bay, and in the future, introducing the "Disney Cruise" as the first project in Asia. In contrast, travelers from first-tier cities in mainland China are similar to those from Hong Kong, seeking in-depth, vertical themed tourism; while travelers from second-tier cities are a newly developed market, likely still in their first visit and more inclined towards a sightseeing mode. In recent years, mainland tourists have also become increasingly "inwardly competitive," balancing leisure with self-improvement. For example, many mainland parents specifically bring their children to Singapore to participate in short-term training courses on AI, achieving "learning while playing"; even senior citizens have diverse interests, with women preferring to dress in Peranakan attire for photos, while men are keen on photography, and some even enroll in AI courses to enhance themselves