Negative financial impact of the pandemic on Hong Kong consumers faded out gradually
In Q2, the economic recovery in Hong Kong became apparent with 45% of Hong Kong respondents reporting their household income was currently impacted, down 11 percentage points from Q1. In particular, 59% of Gen X consumers reported being currently impacted, down three percentage points from Q1. The outlook is more optimistic now as 53% of respondents expected the negative impact will continue in the future, down eight percentage points from Q1. Across generations, 61% of Gen X expect the negative impact to continue, down three percentage points from Q1. Given the more promising economic situations, only 28% of respondents expect to be unable to pay their current bills/loans in full, down six percentage points from Q1.
Hong Kong consumers changed their financial plans to cope with the negative financial impact
Personal loan, private student loan and buy now, pay later are top three payment categories which Hong Kong respondents said they’ll be unable to pay. To cope with negative financial impacts of the pandemic, 49% said they’ll decrease discretionary personal spending, and 48% will decrease large purchases in the next three months.
Gen X most likely to apply for credit
Gen X is the generation that said they’re most likely to apply for credit; 47% saying they’ll do so in the next year compared to 40% overall. Nearly half of all Hong Kong residents (46%) think access to credit is important to achieve their financial goals, and 48% believe they’d be approved for a credit or lending product if they needed one. Checking credit is still considered important; 97% of respondents said monitoring credit is very, moderately or slightly important.
We're sorry, your request failed. Please try again in a little while.