HK's consumer confidence reaches two-year high in Q3: survey

19:14, November 16, 2010      

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Hong Kong's consumer confidence reached two-year high in the third quarter of 2010, with positive outlook on job market, according to a survey released on Tuesday.

The Hong Kong consumer confidence index, conducted by the Nielsen company, a global information and measurement provider, reached 103 points in the past three months, up two points quarter on quarter, close to the 109-point high level at the beginning of 2008, the survey said.

The index once fell to 70 points in the first quarter of 2009, when financial crisis struck the world.

According to the survey, 78 percent of Hong Kong consumers said they are no longer in recession, a 10-point improvement compared to a year ago.

"Hong Kong consumer confidence is driven by a more positive outlook on job prospects in the market," said Oliver Rust, managing director of the Nielsen company Hong Kong.

"Unemployment figure has reduced to 4.2 percent in the latest round while stock market, property market and tourism numbers are progressing well over the last few quarters, leaving the Hong Kong economy to remain upbeat for the rest of the year," he added.

According to the survey, economy continues to lie as the top concern for Hong Kong consumers, with 37 percent of consumer put it as their first concern before their care for work/life balance and health.

"However, the increasing food prices is now a key concern for the consumers, especially with the dramatic increase in raw material prices in the mainland and across the region," Rust said.

Source: Xinhua


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