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ANZ-Roy Morgan Hong Kong Consumer Confidence Held Up Despite Political Concern
June 23 2015
- Finding No.
Consumer Confidence Press Release
The ANZ-Roy Morgan Hong Kong Consumer Confidence Index is based on interviews with 1,000 people per month and provides a robust, representative sample that is quota-controlled by gender and age.
ANZ’s Economist Louis Lam said:
- ANZ-Roy Morgan Hong Kong Consumer Confidence rose to 137.3 (up 1.3pts) in June, driven by high expectations about the city’s economic prospect.
- In terms of personal finances, 38.3% (up 1.3ppts) of respondents said their families are ‘better off’ financially than this time last year compared to 7.9% (down 0.5ppt) that said their families are ‘worse off’ financially.
- 43.7% (up 1.3ppts) of respondents expect their families will be ‘better off’ financially this time next year compared with 8.2% (down 0.7ppt) that expect their families to be ‘worse off’ financially.
- On economic conditions in Hong Kong going forward, 58.2% (up 0.4ppt) expect Hong Kong will have ‘good times’ economically over the next 12 months (a record high) compared with 11.6% (up 0.7ppt) that expect ‘bad times’.
- In addition, 57.7% (up 0.6ppt) of respondents expect Hong Kong will have ‘good times’ economically during the next five years (a record high) and 10.9% (down 0.9ppt) expect ‘bad times’ (a record low).
- Also, 33.3% (up 1.4ppts) of respondents say it is a ‘good time to buy’ major household items now in Hong Kong while only 5.8% (down 0.4ppt) say it is a ‘bad time to buy’ major household items.
- Inflation expectations remained flat at 3.5% in June.
“Although our survey was conducted prior to Legislative Council’s voting of the Chief Executive election proposal on 18 June, the rejection of this proposal had been largely expected. It appears that the political debate has little impact on consumer sentiment. Instead, our finding indicates that domestic households remain confident in the stock and property markets. Despite the market correction last week, the launch of Mainland and Hong Kong funds mutual funds recognition scheme and the forthcoming Shenzhen-Hong Kong Stock Connect are still on the cards.
"In our view, however, Hong Kong’s political condition remains an economic uncertainty. The government need to regain its credibility and focus on economic and social development as quickly as possible. Otherwise, the city’s competitiveness would deteriorate and miss the opportunity from China’s economic and financial reforms.”
Click to view the latest ANZ-Roy Morgan Hong Kong Consumer Confidence Release PDF - June 2015.
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