Driven by a more positive outlook on job prospects and personal finances, Hong Kong consumers are boosting consumption and spending, leading to the highest rise in confidence among the 29 countries surveyed in the fourth quarter as pat of the Nielsen Global Consumer Confidence Survey. With a rise of seven points from the third quarter, Hong Kong has posted a 21 point increase since June 2009, marking a significant turnaround in consumer confidence in the Asian territory.
Almost three-quarters (73%) of those surveyed said they are no longer in recession. More than half (56%) described their job prospects as “good” or “excellent,” with 60 percent describing the outlook for their personal finances the same way. Both of these scores represent double-digit increases since the June 2009 survey.
“This significant rebound in job confidence corresponds with the territory’s unemployment rate falling below five percent for the first time since January 2009,” said Oliver Rust, Managing Director, Hong Kong, The Nielsen Company.
After covering essential costs, Hong Kong residents still prefer to put their cash in savings and invest in the stock market. They also have increased their spending on out-of-home entertainment, new clothes and holidays. Only spending on new technology products declined during the quarter.
Read the press release with complete findings.