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Young People in Hong Kong Optimistic about Short-Term Outlook: New MasterCard Index

February 6, 2014 Statistics & Trends No Comments Email Email

Young people in Hong Kong are largely optimistic about the future according to the inaugural MasterCard Youth Confidence Index, a positive sign of the times ahead.

The MasterCard Youth Confidence Index, released today, is a new initiative by MasterCard that measures the short-term outlook and confidence levels amongst youth (18-30 years) across 16 markets in the Asia/Pacific region.

Respondents were asked about their six- month outlook on five economic factors including employment prospects, the economy, regular income, and present versus anticipated quality of life in five years. The Index is calculated with zero as the most pessimistic, 100 as most optimistic and 50 as neutral, and respondents’ thoughts on the six months ahead.

The overall index score of Hong Kong is 63.3, showing that local youth look favorably on the six months ahead. However, the city ranks 10th in Asia/ Pacific, behind China (77.5) and Singapore (68.8), and also lower than the regional average (67.8).

Young people were most confident about their regular income prospects (83.3) but feel less enthusiastic about the economy (42.9).  Yet employment prospects were regarded to be slightly more encouraging (57.4). They also showed relatively lower levels of satisfaction regarding their present quality of life (59.8) although they believed their quality of life in five years’ time would be better than today (72.8).

“This new index by MasterCard is a good barometer for where today’s Hong Kong youth stand in terms of confidence levels regarding a variety of economic factors. It is encouraging to see scores reflecting optimistic attitudes towards the coming six months, especially with regard to regular income and anticipated quality of life in five years,” said Kevin Goldmintz, Head of Hong Kong and Macau, MasterCard.

In Greater China, China youth were one of the top five markets that showed stronger consumer sentiment (77.5), they were very positive about their regular income prospects (94.7) and present quality of life (63.4). Taiwan was the least optimistic in Asia/ Pacific with an overall index score of 42.2, where young people showed a largely negative sentiment towards most indicators including employment prospects (21.0), economy (23.0), and present quality of life (49.2).

This trend of a more positive outlook amongst youth was consistent throughout Asia/Pacific with developed markets seeing the greatest disparity in optimism levels between people aged below-30 and above-30, most notably in Singapore (68.8 vs. 50.3), Australia (64.0 vs. 49.9) and South Korea (58.1 vs. 51.9).

Market Respondents aged 18-30years

Respondents aged 30-64 years

Asia/ Pacific 67.8

64.0

Australia 64.0

49.9

Bangladesh 55.2

50.7

China 77.5

78.1

Hong Kong 63.3

62.1

India 84

77.9

Indonesia 82.5

75.4

Japan 48.6

46.4

Malaysia 61.1

62.2

Myanmar 92.4

92.4

New Zealand 61.1

60.4

Philippines 78.5

76.2

Singapore 68.8

50.3

Korea 58.1

51.9

Taiwan 42.2

40.7

Thailand 71.8

74.8

Vietnam 74.8

74.2

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