Updated: 3 days ago
Household products are goods that are used in the home for a variety of purposes, such as cleaning, cooking, and personal care. They are typically divided into several categories, including:
Cleaning products: These products are used to clean and sanitize the home, including surfaces, floors, and laundry. Examples of cleaning products include all-purpose cleaners, disinfectants, and laundry detergents.
Cooking products: These products are used to prepare and store food, including cookware, bakeware, and utensils. Examples of cooking products include pots, pans, ovens, and refrigerators.
Personal care products: These products are used to care for the body and hair, including soap, shampoo, and conditioner. Examples of personal care products include toothpaste, deodorant, and moisturizers.
Home décor products: These products are used to decorate and personalize the home, including furniture, artwork, and textiles. Examples of home décor products include rugs, curtains, and pillows.
Other household products: This category includes a wide variety of other products that are used in the home, such as tools, pet supplies, and stationery. Examples of other household products include hammers, saws, pet food, and pens.
Household products are an essential part of everyday life, and they are used by people of all ages and income levels. The global market for household products is expected to reach USD 644.5 billion by 2028, driven by factors such as increasing urbanization, rising disposable incomes, and growing awareness of the importance of cleanliness and hygiene.
Here are some of the trends that are shaping the household products industry:
Sustainability: Consumers are increasingly demanding sustainable household products that are made from recycled materials and that are biodegradable.
Personalization: Consumers are also looking for household products that are personalized to their needs and preferences.
Technology: Technology is playing an increasingly important role in the household products industry, with the development of smart appliances and connected devices.
These trends are creating opportunities for innovation and growth in the household products industry. Companies that can adapt to these trends will be well-positioned for success in the years to come.
Setting up a Household Products Company
Setting up a household products company in Hong Kong can be a lucrative business venture, given the city’s strong economy and high disposable income. Here’s a step-by-step guide on how to get started:
Choose a business structure: The most common business structures for household products companies in Hong Kong are sole proprietorship, partnership, and limited liability company (LLC). Each structure has its own legal and tax implications, so it’s important to consult with a business advisor to determine which one is right for your business.
Register your business: Once you’ve chosen a business structure, you need to register your business with the Companies Registry. This involves filing a registration form and paying a registration fee.
Obtain a business license: You will also need to obtain a business license from the Business Licensing Office. The type of license you need will depend on the type of household products you sell.
Comply with regulations: There are a number of regulations that you will need to comply with when selling household products in Hong Kong. These include product safety regulations, labeling requirements, and advertising restrictions.
Find a supplier: You will need to find a reliable supplier for your household products. There are a number of suppliers in Hong Kong, so it’s important to shop around to find the best prices and quality.
Market your products: Once you have your products and supplier, you need to start marketing them to potential customers. This can be done through a variety of channels, such as online advertising, social media, and trade shows.
Here are some additional tips for setting up a household products company in Hong Kong:
Do your research: Before you start your business, it’s important to do your research on the Hong Kong market. This includes understanding the demand for your products, your target market, and your competitors.
Create a business plan: A business plan is a roadmap for your business. It should outline your business goals, strategies, and financial projections.
Seek Professional Advice
Bestar accountants and business consultants can help you set up your business in Hong Kong.
Bestar provides a wide range of services to businesses, including audit, tax, financial advisory, consulting, and risk management. We can help you with everything from setting up your business to managing your finances. Contact Bestar today!