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"THE SHOPOMETER SURVEY"

Hong Kong's Spending Sentiment Continuously Improving

HONG KONG, 19 September 2003 - According to key findings from the latest Fall quarter 2003 of "The Shopometer Survey", conducted by the Hong Kong Retail Management Association and Synovate in Hong Kong, spending allocation has not changed to any great degree. The top three personal expenses are still grocery shopping (20%), dining out / entertainment (18%) and rent / accommodation (17%).

Consumer confidence level in Hong Kong's overall economy has improved significantly compared to May 2003. The proportion of respondents who believe that the Hong Kong economy will deteriorate in the future has substantially declined (44% to 11%) this quarter, indicating that consumers are far more optimistic about economic recovery. This could be associated with the signing of the Mainland-Hong Kong Closer Economic Partnership Arrangement (CEPA) and the relaxation of travel restrictions for mainland tourists to Hong Kong.

Results suggest that sentiment for future spending is generally improving, with fewer consumers saying they will spend less in the next three months. All spending categories experienced a smaller negative net difference compared to the previous quarter. Intended spending on food is more optimistic than on other categories (it is the only category with a positive indicator) while foreign travel shows the greatest improvement (-24 net difference in May 03 to -3 in August 03). Luxury items remain the hardest hit category.

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.

About HKRMA
The Hong Kong Retail Management Association (HKRMA) is the major association representing Hong Kong's retail industry. The Association's current membership represents over 500 major retail chains covering more than 5,000 retail outlets and employing two-thirds of the total retail workforce in Hong Kong. Member organizations are engaged in various types of retail businesses ranging from department stores to supermarkets, convenience stores, drug stores, food, fashion and accessories, specialty stores and industry related service organizations.

Issued by Hong Kong Retail Management Association on19/09/2003
The Survey is presented by HKRMA & Synovate

Please contact the HKRMA for a full copy of the release with illustrative charts on the survey results.