Retail in Asia

In Trends

Hong Kong : consumer purchasing priorities for H1 2017

Hong Kong

The latest Mastercard Survey on Consumer Purchasing Priorities for H1 2017 is out.

Covering consumer outlook on spending priorities in different categories, including luxury shopping as well as dining and entertainment, the study interviewed 8,343 respondents aged 18 to 64 in 18 Asia Pacific markets between May and June 2017.

The survey and its accompanying reports should not be interpreted as indicators of Mastercard’s financial performance.

SEE ALSO : Hong Kong retail sales see modest growth in August 2017

Here, the highlights of the study for Hong Kong:

Dining and Entertainment

• Eating out is universal in Hong Kong. The most visited dining places in the past six months among local consumers are fast food restaurants (81 percent), mid-range restaurants (72 percent), food courts (72 percent), fine dining restaurants (40 percent) and pubs/bars (24 percent).

Credit card payment is most preferred in mid-range restaurants (60 percent), pubs/bars (72 percent) and fine dining restaurants (84 percent).

• Before dining out, local diners tend to gather reviews online (51 percent) and from word of mouth (48 percent). More than a third of consumers (37 percent) continue to book dining deals on coupon sites or apps while 41 percent of diners check online about credit card promotions.

• 6 in 10 Hong Kong consumers (62 percent) continue to say that they are likely to spend more on dining out for a special occasion versus a typical day – on average 41% more.

• Hong Kong consumers spent an average of USD 37 on dining out per visit, ranking seventh in Asia Pacific, behind South Korea (USD 84), Australia (USD 76), Singapore (USD 48), New Zealand (USD 46), China (USD 43) and Thailand (USD 38).

SEE ALSO : Hong Kong: smarter digital city

Luxury Shopping

• In Hong Kong, 53 percent of respondents plan to spend more or the same on luxury goods in the coming year, ranking second in Asia Pacific following China (70 percent).

• Local consumers plan to spend on average more than USD 3,000 on luxury goods in the coming year.

• Most Hongkongers (87 percent) use their credit cards for luxury shopping and it is a considered decision for most (69 percent) although almost a third of luxury goods buyers (30 percent) tend to buy on impulse.

• Nearly half (44 percent) of luxury goods buyers in Hong Kong prefer a brand of Western origin – primarily because of quality reliability.

• Physical stores in Hong Kong with items on sale (49 percent) continue to be the most popular source for buying luxury goods.

SEE ALSO : EXCLUSIVE INTERVIEW WITH GOOGLE: A smarter retail needs us all!

Despite the emerging food delivery platforms and e-commerce growth, the data confirm that Hong Kong is still very much attached to the offline retail landscape.

(Source: Mastercard )