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Confidence tumbles on economic slowdown

Consumer confidence in Hong Kong has reached its lowest since the first half of 2012, the latest MasterCard Worldwide Index of Consumer Confidence, shows.

The index saw consumer confidence tumble by 7.8 points to 51.1 points in the first half of 2013.

Among five economic indicators, the index reflected the sharpest drop on local stock market by 15.2 points year-on-year, followed by the prospect of general quality of life.

In terms of economy and employment, the index also showed a slight drop, but some showed confidence in maintaining a regular income.

Kevin Goldmintz, MasterCard Worldwide head of Hong Kong and Macau, said global economic issues were influencing the drop, but a slowdown in China’s economic growth were also influencing the results.

“Despite all the external uncertainties, it is encouraging to see local residents remain very optimistic on their regular income prospects,” he said.

In comparison, consumer sentiment in China showed higher degree of optimism with an overall score of 76.9 points. Consumers in Guangzhou were the most confident, followed by Shanghai, Wuhan and Beijing.

The MasterCard Worldwide Index of Consumer Confidence is based on a survey conducted between April 2013 and May 2013 on 12,205 respondents in 27 countries within APAC, Middle East and Africa.

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