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MasterCard Survey Finds Hongkongers Second Most Optimistic in Asia/Pacific about Discretionary Spending Outlook

October 30, 2014 Statistics & Trends No Comments Email Email

Consumers in Hong Kong are the second most optimistic in  Asia/Pacific about their spending outlook on dining and entertainment, luxury shopping and travel, the latest MasterCard survey on Consumer Purchasing Priorities reveals.

The majority of Hongkongers intend to dine out (91%) and travel (87%) the same or more in the coming months, and more than two thirds of the survey respondents (68%) plan to spend the same or more on luxury shopping in the coming months, all ranked behind China.

Consumers in Hong Kong, a city dubbed a gourmet heaven, enjoy exploring different dining experiences.  They put the citysecond on the big spender list in the region when it comes to dining expenditure.  They spent an average of HK$1,654 a month in the first half of this year, much higher than the regional average of HK$1,076, though there was a slight drop relative to HK$1,700 in the second half of 2013.

In terms of travel spending, Hongkongers continued to be the most frequent travelers in the region, with eight in 10 respondents reported having traveled overseas in the past 12 months, far above the regional average (41%). Local consumers spent an average of HK$12,747 per person per trip, up 23% from HK$10,325 in the second half of 2013.

Hong Kong respondents continue to boost strong luxury spending power, ranking fifth in the region, although their average intended spend on luxury goods in the coming months has slightly dropped by 4% from HK$23,119 in the second half of 2013 to HK$22,222 in the first half of 2014. Despite this, Hongkongers’ expenditure on luxury goods is still above the regional average of HK$21,294.

Anna Yip, head of Hong Kong and Macau, MasterCard, said, “In a cosmopolitan city like Hong Kong, it is not surprising that local people are globetrotters. Despite the slight decline in expenditure on luxury shopping and dining, we are glad to see that Hong Kong is the second most optimistic markets in the region in terms of spending outlook.”

Other findings about Hong Kong consumers include:

  • Online reviews (50%) are now more important than word of mouth (43%) when it comes to selecting dining outlets; four in 10 respondents would check online to see if credit card promotions are available before deciding where to eat while most of them (68%) would ask if there is any credit card promotion when paying the bill
  • Their preferred destinations are Japan, Australia and South Korea if offered an all-expenses paid trip. Even if they were to pay, Japan is still their number one choice, followed by Taiwan and South Korea
  • Local consumers are savvy shoppers – most (60%) purchase luxury goods locally on sale. For those who buy luxury goods online, 75% would shop on websites that offer discounts. More than half of them (57%) buy luxury items for no special reason.
  • Airport shopping continues to be a common habit among Hong Kong travelers; edible items/chocolates are the most purchased, followed by books/magazines and cosmetics/personal care products

The latest MasterCard survey on Consumer Purchasing Priorities – Dining and Entertainment. Luxury Shopping and Travel was conducted between July and August 2014 and involved 8,087 consumers in 16 markets in Asia/Pacific. Data were collected via internet surveys, personal, telephone and Computer Aided Telephone interviews, with the questionnaire in local language, wherever appropriate and necessary. The Index and its accompanying reports do not represent MasterCard financial performance. 

Average Monthly Expenditure on Dining Out

in Asia/Pacific

Percentage of Respondents in Asia/Pacific who Traveled Internationally in Past 12 Months
  Market Amount (HK$)
1 Japan $1,669
2 Hong Kong $1,654
3 Singapore $1,615
4 Taiwan $1,373
5 China $1,357
6 South Korea $1,139
7 Thailand $1,108
7 Australia $1,108
9 Malaysia $1,084
10 Vietnam $803
11 New Zealand $772
12 Philippines $632
13 Myanmar $257
14 Bangladesh $172
15 India $164
15 Indonesia $164
  Market Percentage
1 Hong Kong 80
2 Singapore 79
3 China 75
4 Thailand 71
5 Malaysia 67
6 Taiwan 64
7 South Korea 49
8 New Zealand 47
9 Australia 45
10 Japan 38
11 Philippines 16
12 Myanmar 7
13 India 5
13 Vietnam 5
15 Bangladesh 2
15 Indonesia 2

 

Average Luxury Shopping Expenditure in Asia/Pacific in Next 12 Months
  Market Amount (HK$)
1 China $37,526
2 Japan $26,941
3 Singapore $23,057
4 South Korea $22,339
5 Hong Kong $22,222
6 Australia $20,335
7 Thailand $18,595
8 Taiwan $17,394
9 Malaysia $16,809
10 New Zealand $16,435
11 Indonesia $10,288
12 India $10,054
13 Philippines $9,399
14 Vietnam $5,624

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.

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