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SCMP Reporter

IT'S sad but true. Once again, friends gathered at a trendy Causeway Bay karaoke lounge in celebration of the gweilo New Year.

  It's sad because that was exactly how we celebrated the occasion last year, the year before last and the year before that.

  Undeniably, karaoke remains the most popular form of entertainment available for the twenty-and thirtysomethings these days.

  Like flowers and chocolates, karaoke is good for all occasions; birthdays, Valentine's Days, weddings, New Year parties, Mao Zedong's centenary celebrations . . .

  ''The problem is there are no other places to go,'' said one 29-year-old business executive.

  ''And it [singing] is very addictive. There is this show-off instinct in all of us.''   One cannot but wonder: will karaoke survive for another year? After all, some of the less dignified establishments have already been branded as hotbeds for under-age sex and violence.

  But one music industry insider said this week that he is confident that karaoke will remain popular next year.

  ''It is a market which has not been fully developed and exploited. It is an ongoing thing because there will always be new songs on the music market. Also it is an affordable form of entertainment,'' he said.

  Eddie Yen, manager of Comicity Karaoke Restaurant in Causeway Bay agreed saying his customers keep coming back because there is an endless supply of new tunes.

  ''Let's face it, apart from yum cha, shopping and going to movies, where else can people go for entertainment? Besides, renting a karaoke room can be as cheap as $30 per hour, while a karaoke disc is only around $20 for those who sing at home,'' he said.

  So, for those who live next door to karaoke maniacs, don't throw away your earmuffs, you will need them for a long time to come. BETTER still, why not leave your noisy neighbours behind and go somewhere exotic for a brief getaway holiday.

  Sightseeing trips aboard have been and will remain a prime option for local holiday-makers. The list of attractive destinations for them has become longer over the years.

  While China and other neighbouring countries remain popular more travellers are looking for exotic experiences in far flung locations. This leads to the increasingly number of exploration trips on offer.

  Travel agents have spotted a surge in demand for tours to the Middle East and the Mediterranean and now offer more tours off the beaten track.

  ''People are looking for new destinations,'' says general manager of Hong Tai travel, Susanna Lau. ''Even a relatively long trip of 14 or 16 days is fine with them.''   Russia, which has only recently thrown open its gates wide open to travellers, appears to be the hottest of all new destinations.

  ''The interest in Russia began to show this year; it should get even stronger in the coming year. Trips to the country often include stops at some Eastern or Western European countries,'' Ms Lau said.

  She also believes China will draw even bigger crowds from Hong Kong with the setting up of new sightseeing spots.

  ''In a spacious country like China, there are many places that are worth visiting. Some of them are not yet accessible because of a lack of transportation.'' THERE is no doubt that Hong Kong's political future will be one of the most talked about topics of the year. But it may not be at the forefront of people's minds for long.

  But what seems to likely generate more anxiety is the impact the breakdown in Sino-British relations will have on people's bank books.

  ''It's not so much the content of a deal over Hong Kong's political future but the consequences of strained relations that will matter,'' Lau Siu-kai, Associate Director of the Hong Kong Institute of Asia-Pacific Studies at the Chinese University, said.

   What matters most to people is still the basics, issues related to their livelihood. Rises in rent, transportation costs and crime rates will be of prime importance, Mr Lau said.

  ''Some people are already feeling a kind of social inequality. They are the ones who can't afford the escalating housing prices.''   ''Hong Kong is still at a developing stage. People are more concerned with mundane matters, matters that have a direct impact on them,'' he said.

  Topping the worry list is, of course, money. On the personal finance front, the coming year will be a matter of who dares, wins.

  According to financial consultant William Tatham, ''in just about any Southeast Asian equity market, liquidity, albeit at a lower level and strong corporate earnings, will continue to fuel the majority of Far Eastern markets.

  ''But don't expect the same sort of level of gains in 1994 as the majority of investors received this year.''   He advised investors to keep an eye on Korea, Taiwan and Indonesia which are already making up for lost time and figure heavily in many emerging markets funds.

  ''The Philippines, Singapore, Malaysia and Thailand should all produce double digit returns but the gains in Hong Kong are likely to come over the first two quarters so pick your time to take profits,'' Mr Tatham said.

  For those who are prepared to bank on the success of the South African elections, locking into high-yield investments there through fixed interests bonds should generate a good return as interest rates fail to spur the economy and political development allows the currency to strengthen.

  Mr Tatham added that, for the bold and daring, Latin American debt should have a good 1994 and many of the equity markets should also produce sparkling returns, especially Mexico.

  But there's a downside. ''Cash in virtually any currency. Especially if you are a Hong Kong investor as it is going to lose out against the majority of assets,'' Mr Tatham said.

  ''Japan's government and economy continue to flounder without any clear direction and the downside for stocks, bonds and the yen still looks unpleasant.

  ''Don't expect a large hike in British property prices to materialise in 1994, so pick your property carefully.'' 



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