Ipsos Study Reveals Latest Consumer Trends in Hong Kong
1 April 2021 - Latest data from Ipsos shows cautious optimism may be gaining traction in Hong Kong, yet many challenges persist. Among the top issues for Hong Kong people, COVID, while remaining a top concern, is steadily declining from 38% in December to 26% in February, while people turn their focus on the economic consequences of the crisis (21% up from 16% in January).
COVID remains a constant presence in Hong Kong however, with 76% declaring that they take COVID-19 risks into account when they think about where they will go, who they will meet and what they will do each day (76% being the lowest level since October 2020).
With the slow reopening of businesses and activities in Hong Kong, and the pandemic seemingly getting under control locally, less Hong Kong people declare feeling bored (38%, against 51% in December), 54% now feel calm (against 48% in December), and 37% even declare feeling optimistic (28% in December). However, 65% still declare they prefer the Hong Kong borders to remain closed until the virus is proven to be fully contained (against 75% in December).
February also saw a slight rebound in visits to shopping malls (69%, +8% since January) and outdoor activities such as eating out at a restaurant (63% against 54% in January). Also, for the first time since October, over half (52%) declare having socialised with friends and family in person. As a result, only 19% declare feeling lonely (25% in January and 27% in December).
The financial impact remains severe for Hong Kong people, however: 32% declare earning less than before, while 35% expect their income to be reduced soon. Among those earning less, 44% declare earning 10% or less, 29% declare earning 11 to 20% less, and 28% at least 20% less. 34% in Hong Kong also declare delaying or cancelling big purchases, although that proportion is down month on month from 37%. Less Hong Kong people also declare using their savings to pay their bills (from 21% in January to 18% in February).
Investing behaviour is still cautious with people investing again, but often towards safer options: the proportion of those saying they well not invest and keep cash has steadily declined in recent months, from 32% in December, to 30% in January and 26% in February. While more invest in stocks, up from 22% in December to 31% in February, more people are also considering investing in gold and bonds (13%), and other considered safe options.
Looking ahead, Hong Kong people remain very cautious. 39% still expect the COVID outbreak to end in 2022 or beyond, and only 24% think an economic recovery will happen in Hong Kong in 2021 (39% expect it 2022, 17% even later). Most people also do not think they will be able to travel abroad before the first half of next year (25% believe so for short haul flights, 20% for long haul), although 24% expect leisure flights to the mainland to resume before the end of the year.
About this survey
The Hong Kong New Normal Tracking Study measures changes in consumer behavior across multiple categories, in reaction to the COVID-19 pandemic. The Study is in field monthly since March 2020. February 2021 wave administered in Hong Kong via online survey of 1,000 people representative of the general adult population, from 25 to 28 February 2021.
About Ipsos
Ipsos is the third largest market research company in the world, present in 90 markets and employing more than 18,000 people. Our research professionals, analysts and scientists have built unique multi-specialist capabilities that provide powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 business solutions are based on primary data coming from our surveys, social media monitoring, and qualitative or observational techniques. “Game Changers” – our tagline – summarises our ambition to help our 5,000 clients to navigate more easily our deeply changing world. Founded in France in 1975, Ipsos is listed on the Euronext Paris since July 1st, 1999. The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD).
