Hong Kong’s jobs market dims as 46% of workers are less confident about opportunities

Hong Kong’s jobs market is facing significant headwinds amid economic and geopolitical uncertainties, with 46 per cent of the professionals working in the city saying they do not feel confident about opportunities within their field, an industry survey showed.

Despite a “notable decline” in white-collar vacancies this year, applications have surged 122 per cent, indicating the market has become “more employer-driven,” with companies holding greater leverage, according to a report published by Robert Walters, a talent recruitment firm.

The firm, which surveyed about 400 professionals and organisations in Hong Kong in September, said only 55 per cent of employers expect to give pay rises in 2025, compared with 64 per cent in last year’s survey. Among these employers, 77 per cent said they are likely to give a 1 to 5 per cent pay increase next year.

Hong Kong’s economy is hobbled by challenges ranging from weak consumption and geopolitical fallout between the US and China. This year, residents have opted to cross the border and spend on cheaper food and entertainment in mainland cities, depriving the city’s retailers of the much-needed sales boost.

Growth cooled to an annual pace of 1.8 per cent in the third quarter from 3.2 per cent in the preceding quarter, government reports showed. The seasonally adjusted unemployment rate rose to 3.1 per cent in the August to October period, from 3 per cent in the preceding three months, the statistics department said.