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"THE SHOPOMETER SURVEY"
Sentiment for Future Spending is Generally Improving
HONG KONG, 24 June 2004 - According to key findings from the latest Summer quarter 2004 of "The Shopometer Survey", conducted by the Hong Kong Retail Management Association and Synovate in Hong Kong, spending allocation has decreased significantly for grocery shopping (23% in February 2004 to 19% in May 2004). The top three personal expenses are dining out / entertainment (20%), grocery shopping (19%) and investment / savings (18%).
Consumer confidence waned during the period March to May 2004 with only one-third of consumers feeling positive about Hong Kong's economy; a similar proportion to the same time last year. The post SARS gains in positive sentiment noted between August 03 and February 04 have thus largely been lost.
Results suggest that sentiment for future spending is generally good as overall spending continued to record a positive net difference similar to the previous quarter, with more consumers saying they will spend more in the next three months. Intended spending on foreign travel shows the greatest improvement among other categories (+5% net difference in February 2004 to +15% in May 2004, a 10% increase). Except for AV / electronics / computers and food, intended spending on other categories have experienced improvement. Even though luxury items remain the hardest hit category in terms of spending intention, there has been a +7% improvement (-18% net difference in February 2004 to -11% in May 2004).
Background of "The Shopometer Survey"
"The Shopometer Survey" is a quarterly consumer spending sentiment tracking survey of the Hong Kong Retail Management Association introduced since Dec 2001. During each quarter, the Association will interview a sample of 1,000 Hong Kong residents aged between 15-64 via telephone. Interviewees will be asked how they distribute their spending among their total personal income as well as their perceived spending in the next 3 months among different key product types. Interviewees will also be asked their perceptions towards Hong Kong's overall economy, whether they perceive it to improve or deteriorate in the next 3 months, and how that would affect their spending patterns. The Survey is presented by HKRMA & Synovate.
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