Survey: 60% of HKers maintain loyalty to trusted brands during economic uncertainty

During economic uncertainty, six in 10 consumers tend to maintain their loyalty to trusted brands, nearly six times more than brands that are trusted less due to unmatched products and service quality, a survey finds.  

The 2025 SCMP Annual Brand Survey, conducted by Ipsos Asia, interviewed 300 affluent Hong Kong individuals aged between 21 and 65 online in June. It investigates the concerns of affluent individuals in Hong Kong regarding ongoing global macroeconomic issues. It also aims to explore how these challenging times influence trust in various brands.

In today’s economically volatile times, over 70% of affluent Hongkongers are grappling with economic concerns, fueled by trade tensions, rising living costs and global instability.

Meanwhile, consumers are also tightening their belts, with 41% planning to, or already slashing spending on non-essentials, marking a distinct move toward financial caution, according to the survey.

In terms of steps to manage non-essential spending, 32% of affluent Hongkongers evaluate their purchasing needs and wants, while 18% have a buying strategy including looking for discounts. 15% of respondents will fix their budget and set a spending limit.

On the other hand, brands that consumers trust are pillars of resilience during economic turbulence, with six in 10 consumers maintaining their loyalty, nearly six times more than brands that are trusted less due to unmatched products and service quality.

The survey also revealed that six in 10 consumers are likely to stick with brands they trust, significantly, outpacing less-trusted brands, particularly in financial services, travel and hospitality.

The top three factors in driving brand trust are product and service quality (29%), brand identity (18%) and data privacy and security (13%), with HSBC, the Hong Kong Jockey Club and Cathay Pacific exemplifying trusted brands.

Beyond brand trust, resilient brands can even command a premium during uncertain times, by increasing their prices by up to 7% while still maintaining customer loyalty. The critical driver is the ability to deliver exceptional quality and service beyond pricing.

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