The FINANCIAL -- The
first SpendingPulse report for Hong Kong showed a 6.4 percent growth
year-over-year in retail sales during the month of December. This
performance was driven primarily by increase in healthy and beauty, and
clothing, according to MasterCard .
“We’ve seen some steady growth in spending in recent months, which is promising as we look ahead to the Chinese New Year, beginning January 31,” said Sarah Quinlan, Senior Vice President, Market Insights for MasterCard Advisors. “This is the most important social and economic event of the year for China so, while we expect to see that reflected in retail sales next month, spending will not be at the robust pace that we saw pre-global recession,” she added.
As one of the world’s leading international financial centers, Hong Kong has ranked N1 as the freest economy in the world for 20 consecutive years. Being a well-known destination for travelers from around the world, tourist shopping contributes significantly to the total retail sales in Hong Kong. “Spending by mainland China visitors is an important driving force underpinning the growth of retail sales in Hong Kong, so we’ll be keeping an eye on how slowing GDP growth impacts spending in the coming months,” added Quinlan.
The new SpendingPulse report provides the most complete overview of consumer spending in Hong Kong. It will be available to subscribers the third week of every month and will offer actionable insights on the clothing, grocery, health & beauty and jewellery industries. The monthly report also includes an overall retail sales and price index, so that subscribers can understand whether spending growth is truly being driven by increased shopping or by inflation, according to MaterCard.
“It is the ideal time to extend SpendingPulse into Hong Kong because the market represents enormous growth opportunities,” said Kevin Goldmintz, Head of Hong Kong and Macau for MasterCard . “SpendingPulse reports offer significant value to both businesses and governments, providing the most timely and actionable source of information on retail spending trends available in the marketplace. Launching SpendingPulse in Hong Kong means the Asia Pacific region and global companies doing business in Hong Kong will have access to accurate insights they can act upon, in near real-time, to achieve greater return on investment,” he added.
SpendingPulse is currently available to subscribers in the United States, United Kingdom, Canada and Brazil, and is delivered ahead of retail spending figures provided by other sources. It is one of the most quoted reports on macroeconomic trends in the US. It is often used as a source of reference by major international news outlets, according to MasterCard .