Financial Secretary Paul Chan said today (Oct. 2) that the consumption voucher has been effective in stimulating the consumer market and boosting the economy.
The government yesterday released phase II of the 2022 Consumption Voucher Scheme to some eligible citizens. About 6.36 million people have been issued with the new voucher, injecting an immediate spending power of about HK$15 billion into the retail, restaurant, and catering markets, as well as boosting consumer sentiment during the long weekends of the National Day and Double Ninth Festival.
In an online article today, Paul Chan said that in phase I of the voucher in August, for example, about 70% of vouchers have been used in the first month of distribution.
Of this spending, about 60% was spent on retail transactions, about 30% on food and beverage, and about 10% on service industries, Chan added.
In terms of the number of users, more than one-third of the population used all of their vouchers in the first month after receiving them, according to Chan.
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