As the COVID-19 restrictions are lifting, the strong festive atmosphere encourages travel and consumption.
New Year gifts are no longer limited to food. The demand for healthcare products is increasing.
The tradition continues. Physical “lai-see” is still more prevalent than eLaisee in Hong Kong.
Due to the global economic outlook, public investment tends to be conservative.
The Year of the Rabbit, economic and livelihood issues are most concerning.
HONG KONG SAR -
Media OutReach - 17 January 2023 - Stepping into 2023, as Hong Kong relaxes and cancels social distancing measures, people's daily life gradually returns to normal, posing a positive impact on the consumer market. To help brands seize business opportunities, Kantar takes an in-depth review of Hong Kong consumers' popular CNY activities, consumption plans, and resolutions for 2023.
As the COVID-19 restrictions are lifting, the strong festive atmosphere encourages travel and consumption. According to the data, travel and consumption activities during CNY increase. As Hong Kong has scrapped all social distancing restrictions, 80% of the people will resume socializing, consumption, and entertainment, including dinner with relatives and friends (64%), dinner out on New Year's Eve (46%) and traveling abroad (21%). Most respondents expressed their hope to return to normal post pandemic (78%). Compared with respondents without children, consumers with kids are significantly more engaged in social events. The most popular family activities include visiting relatives and friends (73%), dining out (54%), traveling abroad (27%) and joining large events (25%). It is worth mentioning that 68% of the parents who choose outdoor events tend to visit museums and exhibitions. Hong Kong has strengthened the promotion of culture and art in recent years, and several cultural facilities and museums have been established. As a result, parents are able to cultivate young children's interest and appreciation in art. During the CNY, 41% of respondents will increase local consumption, and 55% believe that it is because of the festive atmosphere. Real estate developers, shopping malls and brand owners may resume holding more bazaars, exhibitions, and themed decorations. Besides adding a festive atmosphere and providing a variety of experiences, it can also stimulate consumption sentiment. Recently, online shopping has become a habit of Hong Kong people. When asked how to use the lai-see money they received this year, half of the respondents said they would use it for shopping, and 81% of them expected to spend it online, close to spending on offline stores (92%). Among various online shopping platforms, HKTVmall is the most popular among citizens. 50% of the respondents indicate that they will increase the frequency of shopping on the platform, which is likely due to the more diversified products, the presence of popular brands, and the stable and fast delivery. At the same time, due to the uncertainty of the pandemic, some people are worried and choose to stay home. More than half of them will watch TV (54%) and videos (44%) alone or with their families at home. 55% of them express that they can tolerate all advertisements to use the streaming platform for free, indicating that there is still potential for brands to place advertisements on YouTube and other platforms.
New Year gifts are no longer limited to food. The demand for healthcare products is increasing. During Hong Kong's three-year fight against COVID-19, people are increasingly health-conscious. Paying more attention to the healthcare of themselves and the loved ones, over 60% of people wish to be healthier in the new year. The choice of New Year's gifts has also become diversified, not limited to food, such as cookies and chocolates. 41% of people choose to buy fitness, health, and beauty care products as gifts for family members, relatives, and friends. 72% of them use the lai-see money to buy fitness equipment and healthcare products for themselves. The trends show that consumers want to stay healthy by workouts and taking supplements. Research shows that there are different preferences on buying New Year gifts for multiple recipients. When choosing gifts for family members or relatives, food, such as fruits and snacks, is the best option (89%), followed by healthcare products (87%) and shopping cash coupons (80%). People prefer cash coupons for work partners, such as colleagues and subordinates. Lastly, wine is the most popular gifts for bosses and customers.
The tradition continues. Physical “lai-see” is still more prevalent than eLaisee in Hong Kong. One of the most important traditions during the CNY is undoubtedly "lai-see giving". People generally start to give out red packets after getting married. The survey results discover that electronic lai-sees are not popular in Hong Kong. 93% of the respondents still stick to the tradition and give out physical lai-sees, which...
