Since October 2004, the DAB has used the “Index of Consumer Sentiment” model from the University of Michigan to hold surveys on Consumer Confidence in Hong Kong. This is the 27th time we’ve held this survey in order to understand the changes in sentiment of consumers in Hong Kong. This time we surveyed a total of 566 people, and
our survey was divided into three parts:
(1) The “Current Status Index” sentiment from one year ago and today.
(2) Hopes for the future as expressed by the “Index of Consumer Expectations”.
(3) A sum total of the past, present and future outlook according to the “Index of Consumer Sentiment”
This time Consumer Confidence rose a lot compared to last year, and has reached levels that have not been seen since March of 2008. This shows that in Hong Kong at least, Consumer Confidence has reached pre-financial crisis levels. The “Index of Consumer Sentiment” rose from 69 to a hefty 82, and the “Index of Consumer Expectations” rose from 70 to an impressive 86.7 points. The “Current Status Index” also rose from 67.5 back to 75, all three increases mirroring the fact that recently the employment and economic situations are better than before.
The DAB believes that the incoming HKSAR government must continue to connect with the people and innovate for the future. On the economic front, the new HKSAR government must be able to understand and grasp opportunities to proactively encourage economic cooperation between Hong Kong and the Mainland. It must work to speed up the diversification of local industry and to move up the economic ladder, create more opportunities for upward social mobility as well as creating more high-paying jobs for local residents. It is very vital to increase the space provided for young people to grow and develop. At the same time, on welfare and quality of life issues the HKSAR government should connect with the various sectors of society, invest more in our society and think outside the box of old thinking by proactively possessing a positive attitude, an attitude required to solve the deeply rooted polarization in society and thereby share the fruits of economic development and prosperity.