FINANCIAL SERVICES | Staff Reporter, Hong Kong

Two-thirds in Hong Kong look for discounts at least once per day

Over three-thirds did not "revenge spend" in the past months.

Over 40% in Hong Kong who regularly search for consumer discounts do so at least once every day, with 31% sharing offers with friends and family more frequently since the pandemic, according to a Sun Life Hong Kong survey.

Whilst those who regularly search for investment and savings related information are less in comparison, 21% stated that they are sharing such information with their close friends and relatives more frequently since the outbreak began.

Almost 40% of respondents anticipated around HK$10,000 to HK$30,000 in travel expenses for the year, with over half of those saying they will reallocate such expenses to reserve cash for emergency situations or to support normal daily expenditures.

In addition, 63% did not “revenge spend” in the past months, of which 27% were worried about the economic and employment outlook and wanted to keep more cash on hand. Around 40% said they took action to manage their finances due to a worsening economy and concerns over layoffs and pay cuts.

Respondents are also willing to reduce expenses on entertainment, clothing, beauty treatment, and hair cuts by an average of 35%, as well as their dating expenditures by an average of 30%.

Two-fifths (43%) have also begun “trying hard” to plan for retirement, rising from 37% before the pandemic. Those that believe they are “trying very hard” have risen to 11%.

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