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"THE SHOPOMETER SURVEY"

Attitude Towards Hong Kong's Future Economy Further Improves

HONG KONG, 8 April 2004 - According to key findings from the latest Spring quarter 2004 of "The Shopometer Survey", conducted by the Hong Kong Retail Management Association and Synovate in Hong Kong, spending allocation has increased significantly for investment / savings (13% in November 03 to 18% in February 2004). The top three personal expenses are grocery shopping (23%), dining out / entertainment (19%) and investment / savings (18%).

Consumer confidence level in Hong Kong's overall economy has improved to a level similar to that of August 2003. In February 2004, the proportion of respondents who believe that the Hong Kong economy will improve in the future is similar to that of August 2003 (53% in August 2003 and 56% in February 2004). The proportion of those who believe that the Hong Kong economy will deteriorate in the future has dropped significantly compared to the previous quarter (12% in November 2003 to 6% in February 2004). This record low level indicates that consumers are continuously optimistic about economic recovery.

Results suggest that consumer sentiment for future spending is generally good as overall spending continued to record a positive net difference (this quarter's 2% & last quarter's 6%). However, after a rebound in spending during the holiday season (in the last quarter of Nov 03-Jan 04), intended spending on various categories indicates a slow down as some categories showed a decrease while others remained stable. Intended spending on AV / Electronics / Computers in the Spring quarter of March-May 2004 is strong and shows the greatest improvement among all categories (as shown in the net difference of -6% in Nov 03' to +4% in Feb 04', a 10% increase). Luxury items on the other hand remains the hardest hit category in terms of spending intention.

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 on08/04/2004
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.