Survey: HK consumers' economic confidence stable, stock investment confidence rises

The results of the consumer confidence index (CCI) for the second quarter of 2024 for the Taiwan Strait, Hong Kong and Macao region were announced today (July 8).

The survey showed that Hong Kong's overall Consumer Confidence Index recorded 85.9, a decrease of 2.4% from the previous quarter. Hong Kong consumers' confidence in living consumption and economic development remained stable, and confidence in stock investment rose. Still, the confidence sub-index for price conditions only recorded 72.1, the lowest among all categories.

The CCI survey and compilation for both sides of the Taiwan Strait, Hong Kong and Macao region were jointly completed by Capital University of Economics and Business, Central University of Finance and Economics, City University of Hong Kong, Macau University of Science and Technology, and Fu Jen Catholic University in Taiwan.

The index scores range from 0 to 200, with scores below 100 indicating "lack of confidence" and above 100 indicating "confidence." The Department of Management Sciences at City University of Hong Kong interviewed a total of 1,000 Hong Kong residents aged 18 or above and usually residing in Hong Kong using computer random sampling and telephone interviews.

In the second quarter of this year, the sub-index for Hong Kong consumers' living consumption conditions was 106.6, remaining stable compared to last year and the previous quarter. Confidence in economic development remained stable, slightly increasing by 0.5%. The sub-index for stock investment rose significantly by 10.9%, said Geoffrey Tso, the Director of the Statistical Consulting Unit at the Department of Management Sciences at the City University of Hong Kong.

Tso said that, in contrast, the overall index decreased by 2.4% compared to the previous quarter, mainly due to declines in consumer confidence in purchasing housing, employment conditions, and price conditions. The sub-indices for purchasing housing and price conditions scored below 75, indicating a lack of consumer confidence, with the sub-index being the lowest among the six categories.

Other survey results from the CCI for the Taiwan Strait, Hong Kong and Macao region showed that in the second quarter of 2024, the overall CCI for mainland China recorded 98.6, with significant declines in employment confidence, price confidence, and investment confidence compared to the previous quarter.

The overall CCI for Macau recorded 104.22, with sub-indices showing a clear upward trend, indicating generally increased consumer confidence in economic indicators. Taiwan's overall index recorded 93.05, with the "price level" sub-index recording 76.75, the lowest among all sub-indices, like Hong Kong.