Hongkongers registered with Octopus will get final batch of consumption vouchers on Thursday
- Spending through Octopus has doubled since vouchers were first issued in August, according to Rita Li of Octopus Cards, in comparison to expenditure from January to July
- Consumers’ spending patterns on Octopus show expenses on food, personal care products, electrical and electronic products, online shopping and clothing increased significantly
Hong Kong residents registered with the digital payment platform Octopus will receive the final batch of government consumption vouchers valued at HK$1,000 (US$128) on Thursday, a move expected to boost spending in the city during the coming festive season.
Rita Li Yuk-yi, sales and marketing director of Octopus Cards, said on Wednesday that residents had been spending more since the vouchers were first issued in August.
“After the vouchers were issued, the amount spent through Octopus doubled and the number of transactions increased by 1.5 times, in comparison to the period from January to July,” Li told a radio show.
Most Hongkongers have chosen Octopus as the digital payment platform to store their HK$5,000 consumption vouchers, with the other three being AlipayHK, Tap & Go and WeChat Pay HK.
The government, which launched the HK$36 billion voucher scheme to boost the economy hammered by the Covid-19 pandemic, has said about 3 million Hongkongers are eligible to receive their final HK$1,000 instalment through Octopus.
Li said shoppers’ spending patterns on Octopus showed that expenses on food, personal care products, electrical and electronic products, online shopping and clothing had increased significantly.
The use of Octopus in taxis from August to November also rose four times from January to July.
Li said she believed the public would spend more in the lead-up to the holiday season, given the increase in the use of the vouchers over the last few months.
“As the Christmas and New Year holidays are coming, this will motivate citizens to spend more after getting their last instalment,” she added.
Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, said he expected the catering industry to benefit from at least one-third of the local spending from the latest round of the vouchers.
“[I expect] people will usually spend more than just HK$1,000. The voucher will be treated like some kind of bonus for consumers,” he said.
Some businesses had also begun to launch promotional campaigns to entice more residents to spend their vouchers, he added.
Hongkongers can check their accumulated spending on the Octopus app or website, or call the hotline at 2969 5500 to inquire whether they are eligible to receive the vouchers.
Residents who have yet to spend the first HK$4,000 should do so by February 28 next year, so they can receive their final HK$1,000 instalment by March 16, the last distribution day for the scheme.
