Hong Kong consumer confidence rises as ‘political reform failure has no effect on retail’
Hongkongers happy with economy and looking for good times ahead, says study
Hong Kong consumers are feeling good about the economy and are set to embark on more shopping, according to a consumer confidence index.
Economists say the monthly ANZ-Roy Morgan Hong Kong Consumer Confidence shows the local economy is doing well and the rejection of the government's political reform proposal on Thursday had not hurt consumer sentiment. Tourism, on the other hand, is not doing so well.
The index rose 1.3 points from last month to 137.3 this month, with more people saying their families were better off financially than this time last year. The index is based on interviews with 1,000 people and their answers to five questions on their finances.
It showed that about 58 per cent of those polled expect good times economically in Hong Kong in the next 12 months, up 0.4 percentage points.
ANZ economist Louis Lam said months of political debate had little impact on consumer sentiment. "Instead, our finding indicates that domestic households remain confident in the stock and property markets."
Mariana Kou, senior investment analyst at brokerage and investment group CLSA, said while local consumers were still spending, mainland visitors were making fewer purchases in Hong Kong, which was worrying.