Citizens more cautious with their cash, spending less on shopping and dining: study
A recent study found that Hongkongers are spending less on housing, education, dining, and shopping, even after receiving their first tranche of HK$5,000 worth of government-issued consumption vouchers.
The study was conducted by the Hong Kong Research Association between April 20 and May 5, where the team interviewed 1,137 adult citizens by phone.
Up to 58 percent of respondents noted they have reduced their shopping spending on items including clothing, liquor, and groceries, while another 46 percent found themselves spending less on dining.
The study also showed that 51 percent of Hongkongers found themselves in a worse financial condition than six months ago, with 48 percent of the respondents finding the situation impinged their living standards.
Separately, some 33 percent of Hongkongers were concerned that they would not be able to pay off their credit card bills under the city’s current economic situation.
Meanwhile, the study also asked respondents about their opinion on the city’s housing issues.
Around 35 percent expected the city’s home prices to fall in the coming six months, whereas 19 percent expected the opposite.
The association said this indicated that citizens mostly hold a bearish view of the Hong Kong property market, which could be associated with the city’s economic instability and the global interest rate hike cycle.
The association called on the SAR government to strive for the early resumption of quarantine-free travel from Hong Kong to the Mainland to revive the local economy and improve citizens’ quality of life.