Downturn has altered Hong Kong consumers' mindset: Synovate

The global survey, which also covered India, Taiwan, Malaysia and Australia in Asia, indicated that 56 per cent of Hong Kong residents now attached greater importance to saving money as a result of the recession; sixty-eight per cent of respondents in the market said they believed the economic crisis had been valuable in helping them “recognise their priorities”.

However, the apparent change in mindset may take time to have any impact. According to a report by Synovate in August, the majority of consumers in Hong Kong maintained high levels of spending on both everyday and luxury items, undeterred by the unstable economic situation.

The most recent survey found that Hong Kong consumers had continued to spend on large appliances and foreign travel over the past six months. Eighty-six per cent claimed not to have postponed major purchases or cut spending.

The majority (58 per cent) of respondents also stated that they continued to trust financial institutions (a figure 20 per cent higher than the global average).

Hong Kong consumers are still spending despite the condition of the economy,” observed Brendan Shair, Synovate Hong Kong’s executive director. But Shair added that “habits and mindsets have surely been impacted”.

“This is a very important time for companies to study and figure out the current priorities for consumers. Marketers should realise the need for a continuous drive for their products and services, instead of decreasing their marketing and adspend during the downturn.”