Hong Kong Citibank survey: Hong Kong people's online spending last year rose 10% year-on-year

　　China News Service, Hong Kong, May 24 (Reporter Shi Bingyun) Hong Kong Citibank announced on the 24th the results of a survey report on consumption patterns and attitudes of Hong Kong citizens before and after the epidemic. The data shows that affected by the epidemic, Hong Kong citizens' net expenditure in 2020 will drop by 13%. Work-from-home arrangements and social distancing measures have driven online consumption to increase by more than 10% year-on-year.

　　Citibank's survey report pointed out that under the epidemic, citizens adjusted their daily life patterns, and nearly 50% of citizens reduced their monthly expenses in 2020, which was 13% compared to the pre-epidemic reduction.

In terms of daily expenses, more than 40% of respondents said they increased their food delivery expenses, and more than 30% of respondents said they increased their household cooking ingredients.

In addition, consumption of family entertainment, health food and self-enhancement courses has also increased significantly.

　　Citibank’s report pointed out that, overall, the epidemic has made consumers more cautious. More than 70% of the respondents believe that their consumption is more pragmatic than before, reducing some unnecessary expenses.

　　Li Guankang, head of credit card and unsecured credit business at Citibank in Hong Kong, said that in the first quarter of this year, the total local spending on Citibank credit cards increased year-on-year, especially online spending increased by 10%. As local consumption gradually recovered, the number of credit card applications in the first quarter of this year was also slightly rise.

On the other hand, because cross-border transactions have not yet resumed, overseas spending has been lowered compared to the same period last year.

　　Li Guankang said that by observing the retail consumption data in the first quarter of this year, consumer confidence has gradually recovered. He believes that the electronic vouchers to be launched by the SAR government will also stimulate consumer desire. The main driving force for consumption in the second half of the year will be online consumption and overseas spending. He predicts that With the gradual easing of the epidemic, spending in the second half of this year saw double-digit growth.

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