Abstract
A rapidly aging population is a global phenomenon.
Hong Kong is no exception to this trend due to rising life expectancy and declining fertility. It has been forecasted that the elderly population (aged 65 or over) in Hong Kong will increase from 1.07 million, accounting for 15% in 2014 to 2.58 million, or 36%, in 2064 (HKSAR, 2016, Hui and Yu, 2009). Due to the aging population, increasing stress at work and at home, and growing health awareness, there has been expansion in healthcare markets in both developed and developing countries in the last decade. The vitamins and dietary supplements (DS) market is one major sector that is growing and capitalizing on this trend. In Hong Kong, the vitamins and dietary supplements market had expanded to approximately HK$5,000 million in 2013 with a compound annual growth rate (CAGR) of approximately 12.3% since 2008. To sustain this growth, a better understanding of what drives consumers to take dietary supplements is highly necessary. Our study identified the most influential factors affecting consumers’ intention to buy DS and helped dietary supplements marketers to develop appropriate promotional and marketing communication strategies that enhance their target customers’ subjective norm concerning the benefits of DS as well as their perceptions over behavior control in taking DS. All of these should contribute to eventual success in building strong brands and satisfying consumption experiences in the dietary supplements markets.
Hong Kong is no exception to this trend due to rising life expectancy and declining fertility. It has been forecasted that the elderly population (aged 65 or over) in Hong Kong will increase from 1.07 million, accounting for 15% in 2014 to 2.58 million, or 36%, in 2064 (HKSAR, 2016, Hui and Yu, 2009). Due to the aging population, increasing stress at work and at home, and growing health awareness, there has been expansion in healthcare markets in both developed and developing countries in the last decade. The vitamins and dietary supplements (DS) market is one major sector that is growing and capitalizing on this trend. In Hong Kong, the vitamins and dietary supplements market had expanded to approximately HK$5,000 million in 2013 with a compound annual growth rate (CAGR) of approximately 12.3% since 2008. To sustain this growth, a better understanding of what drives consumers to take dietary supplements is highly necessary. Our study identified the most influential factors affecting consumers’ intention to buy DS and helped dietary supplements marketers to develop appropriate promotional and marketing communication strategies that enhance their target customers’ subjective norm concerning the benefits of DS as well as their perceptions over behavior control in taking DS. All of these should contribute to eventual success in building strong brands and satisfying consumption experiences in the dietary supplements markets.
| Original language | English |
|---|---|
| Pages (from-to) | 5-11 |
| Journal | Hang Seng Management College Business Review |
| Volume | 1 |
| Issue number | 1 |
| Publication status | Published - 1 Apr 2018 |
