Hong Kongers continue to shop despite recession: Synovate

In the global survey, Hong Kong fared better than some of its neighbours in the region. Across the 26 markets surveyed, 60 per cent of Hong Kongers indicated their saving patterns had not changed, compared to Korea (39 per cent), Taiwan (35 per cent) and Japan (21 per cent).

Although 58 per cent of people surveyed in Hong Kong said they were worried about the economy, consumers are spending the same on categories such as staple food items (86 per cent), hot beverages (68 per cent), dairy products (66 per cent), cosmetics (58 per cent) and healthcare products (53 per cent).

Sixty-eight per cent of people in Hong Kong said they are earning the same amount as six months ago, with 24 per cent indicating they are earning less. Furthermore, 61 per cent said they have not changed a major life decision, such as getting married, having a child, or changing jobs, due to the current economic situation.

Brendan Shair, managing director of Synovate in Hong Kong, said: “This is good news for many companies in Hong Kong, as Hong Kong consumers’ overall monetary habits have not changed much."