Home » Statistics & Trends » Currently Reading:

Hong Kong Consumers Continue to Out-spend Majority of Regional Counterparts on Luxury Products: MasterCard Survey

October 30, 2013 Statistics & Trends No Comments Email Email

Hong Kong consumers continue to fall within the top three luxury shoppers in Asia/Pacific when it comes to spending outlook, spending power, and intention to shop, despite a slight drop in these figures compared to last year, a recent MasterCard survey reveals.

Two thirds of local respondents (66%) intend to spend the same or more on luxury shopping in the coming months, second only to China (69%) and well above the regional average of 50%.  Hong Kong fell from being the most optimistic market (75%) in the region in terms of luxury spending outlook last year.

Nevertheless, Hong Kong respondents continue to outshine the majority of their counterparts and rank third in the region in terms of luxury spending power, although, their average intended spend on luxury goods in the coming months has decreased by 24% from HK$34,055 in 2012 to HK$25,795 this year. Despite this, however, Hongkongers’ expenditure on luxury goods is still higher than the regional average of HK$20,280, following China Sidebarcbc_468x220(HK$32,861) and only slightly behind Japan (HK$28,384). China, Japan, Hong Kong and South Korea are the only four markets in Asia Pacific to indicate spending of over HK$20,000.

As was the case last year, Hong Kong is placed third (24% this year vs. 41% in 2012) in the region in terms of respondents who intend to own luxury goods worth more than HK$78,000 in the coming months, following China (26%) and Thailand (37%).

“Though the survey showed a slight drop in terms of Hongkongers’ luxury spending power and outlook, the city continued to be placed among the top three in the region which demonstrate an overall positive outlook amongst the city’s respondents,” said Kevin Goldmintz, head of Hong Kong and Macau, MasterCard.

Other findings about Hong Kong shoppers include:

  • ·         Local consumers are savvy – most (63%) make purchases of luxury items during a sale, with credit card (88%) the most popular form of payment and 50% stated that they shop on websites that offer discounts on luxury items.
  • ·         Preferred luxury products include designer clothes and leather goods, designer accessories and footwear, jewelry and luxury watches.
  • ·         Only 28% of Hong Kong respondents buy on impulse whereas the 43% prefer to time, often up to a month, to consider the item before making a purchase. Ten percent decide on the item on the spot but will wait for a sale discount before buying it. 

The latest MasterCard survey on Consumer Purchasing Priorities – Luxury Shopping was conducted between March and April 2013 and involved 7,756 consumers in 14 markets in Asia/Pacific. Data collection was via internet surveys, personal, telephone and Computer Aided Telephone interviews, with the questionnaire translated to the local language wherever appropriate and necessary. The Index and its accompanying reports do not represent MasterCard financial performance. 

Luxury Spending Outlook in Asia/Pacific Region

 

Market

%

 

Market

%

1

China

69%

8

Japan

43%

2

Hong Kong

66%

8

Singapore

43%

3

India

60%

8

Vietnam

43%

4

Thailand

56%

11 Taiwan

41%

5

Malaysia

52%

12

Philippines

33%

6

Australia

48%

13

South Korea

32%

7

New Zealand

43%

14

Indonesia

31%

*Based on respondents’ intention to spend more or the same on luxury shopping in the next 12 months 

Luxury Shopping Expenditure in Asia/Pacific Region

  Market Amount (HK$)   Market Amount (HK$)
1 China $32,861 8 Singapore $17,012
2 Japan $28,384 9 Malaysia $15,031
3 Hong Kong $25,795 10 New Zealand $15,597
4 South Korea $20,623 11 India $12,098
5 Thailand $19,742 12 Indonesia $9,103
6 Australia $18,743 13 Philippines $8,128
7 Taiwan $18,431 14 Vietnam $5,546

*Based on average amount respondents intend to spend on luxury shopping in the next 12 months 

MasterCard and its Suite of Research Properties

The MasterCard Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Index of Consumer Confidence, as well as the MasterCard Index of Women’s Advancement, MasterCard Survey on Online Shopping, MasterCard Index of Financial Literacy, and the MasterCard Index of Global Destination Cities. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending and a series on Consumer Purchasing Priorities (covering Travel, Dining & Entertainment, Education, Money Management, Luxury and General Shopping).

MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004. MasterCard has also released a series of four books on Asian consumer insights, authored by Dr. Yuwa Hedrick-Wong, Global Economic Advisor for MasterCard and published by John Wiley & Sons.

Comment on this Article:







Time limit is exhausted. Please reload CAPTCHA.

Platinium Partnership

ADVERTISEMENTS

Elite Partnership Sponsors

ADVERTISEMENTS

Premier Partnership Sponsors

ADVERTISEMENTS

Official Media Event Partner

ADVERTISEMENTS

Global Travel media endorses the following travel publication

ADVERTISEMENTS

GLOBAL TRAVEL MEDIA VIDEOS