Hong Kong consumer confidence dips slightly in third quarter 2011, amid volatile economy

Reduced optimism towards the outlook of job prospects (55 per cent, down from 62 per cent) and the state of personal finances (59 per cent, down from 66 per cent) for the next 12 months was evident.

“Hong Kongers have always shown sensible restraint in their saving and spending patterns, and last quarter was a period where consumers acted in response to rising living costs,” Oliver Rust, managing director of Nielsen Hong Kong said.

As a result, local shoppers are placing value on promotions and large-value packs in their grocery-shopping behaviour. Across the Asia-Pacific region, Hong Kong has the highest number of respondents (22 per cent) who will switch stores because of promotions. 39 per cent of Hong Kong consumers preferred manufacturers to offer economy sizes. 

On a global basis however, based on respondents with online access, Hong Kong ranked seven among the 56 markets surveyed for consumer confidence. Nielsen's sample size is weighted to be representative of internet consumers with a maximum margin of error of ±0.6 per cent.

Meanwhile, overall spending intent for the next 12 months remained stable at 47 per cent, mainly driven by the willingness of consumers aged 40-49 to spend. 

 “There are still opportunities ahead particularly with the influx of mainland tourists to Hong Kong fueling the growth of the retail market,” Rust added. “It is important for marketers to understand the purchase patterns of local shoppers to cater to their changing needs.”