How Hong Kongers plan to spend their $5,000 vouchers?
A survey found most respondents will spend It on groceries.
The $5,000 worth of e-consumption vouchers are expected to be distributed amongst Hong Kongers this August. The vouchers are expected to stimulate economic growth by encouraging residents to spend, but which sectors are likely to benefit most from the voucher scheme?
In Kantar’s recent report, it was found that most Hong Kongers plan to use the vouchers in the supermarket or for their daily groceries.
This is followed by electronic products and home appliances, dining services, transportation, and fashion and shoes.
Travel and tourism, as well as luxury goods, are the less common choices.
Moreover, 59% of the respondents said they are willing to add up to $2,999 of their own funds to purchase desired products that cost more than $5,000; whilst 24% said they will not top up the vouchers with their own fund.
Six out of 10 of the respondents plan to spend their vouchers offline whilst 41% said they will use them for online shopping.
The most preferred spending provider amongst the respondents is Octopus (53%), followed by AlipayHK (27%), WeChat Pay HK (11%), and Tap & Go (9%).
“This latest data reflects an immediate opportunity for consumer spending that will positively impact many local businesses in the coming months. But thinking more mid-long term, perhaps more importantly it is reflective of a shift in consumer behaviour when it comes to preferred payment methods,” Jeff Tsui, managing director of Greater China, Kantar Profiles Division, said.
The study, conducted by Kantar’s LifePoints panel, surveyed 869 respondents between 30th June and 7th July.