July 24, 2023
The DAB is pleased to announce the release of the latest findings from the "Consumer Confidence Index" survey, conducted in Hong Kong during the post-pandemic era. These results shed light on the evolving sentiments of consumers in our region. In comparison to the data collected in December of the previous year, the "Current Economic Situation Index" has experienced a notable rebound from its historic low, while the other two indices continue to exhibit positive growth.
The "Current Economic Situation Index" has surged from a record low of 73 in December to an encouraging 84 in the present survey. Furthermore, the "Consumer Expectation Index" remains at an impressively high level of 113. Consequently, the " Comprehensive Consumer Sentiment Index" has witnessed a slight rise from 101 to a positive reading of 104, marking its highest point since June 2021. While there has been some improvement in the outlook for personal financial conditions, the overall sentiment still leans toward cautiousness, reflecting the need for progress in the income and job situations of certain citizens. As for the outlook on the Hong Kong economy, respondents' sentiment has returned to normal levels, both in the short and long term, compared to the period during the pandemic.
In light of these findings, Chan Hok Fung emphasizes the necessity for the government to invigorate domestic economic demand by enticing local consumers to spend within Hong Kong. He proposes the establishment of a local "market economy" and the promotion of homegrown Hong Kong brands to attract foreign tourists, thereby stimulating the local tourism industry.
Holden Chow Ho Ting also advocates for a more proactive approach from the government to stimulate domestic economic demand. He suggests intensifying the "Happy Hong Kong" theme series, which has garnered positive responses in the past, and actively inviting international superstars to collaborate on performances in Hong Kong. This would not only bolster local consumption but also attract visitors from neighboring countries, thereby amplifying economic returns.
Media enquiries:
LegCo Member and Economic Development Spokesperson Holden Chow (3703 9870)
LegCo Member and Housing Spokesperson Chan Hok Fung (6099 3800)