Over half of respondents used their consumption vouchers mainly on nondurable goods, LU survey shows
The Hong Kong Institute of Business Studies at LU conducted a survey on the Government’s 2022 (Phase II) Consumption Voucher Scheme, which concerns the second instalment of the consumption vouchers disbursed on 1 October 2022. The survey found that 54 per cent of the respondents spent the vouchers on nondurable goods such as food, supermarket shopping, and clothing, followed by services such as dine-in, takeaway and travel services (34 per cent), and durable goods such as electronics, furniture, jewelery, and luxury goods (12 per cent).
The survey was carried out between mid-October and early November 2022 among more than 400 people who had received the consumption vouchers. Major consumption categories varied by gender, age, education level, and income. Sixty-four per cent of the female respondents, compared to the male respondents (40 per cent), spent more on nondurable goods than the other two categories, and 46 per cent and 13 per cent of the male respondents chose services and durable goods respectively to spend their consumption vouchers on. Younger people aged 30 or less were more likely to use the vouchers to purchase durable goods than those aged 60 and over. Respondents with a higher education or income level were more inclined to spend them on durable goods.
The survey also revealed that, on average, respondents spent over HK$800 when using the vouchers, and the average extra spending of those who mainly purchased durable goods was more than twice that of those who spent primarily on nondurable goods and services.
It was also found that the Scheme helped improve the quality of life of the respondents. The group that spent their vouchers primarily on durable goods reported a greater improvement than the two groups who spent mainly on nondurable goods and services. With regard to the economic outlook, over half of the respondents (56 per cent) were optimistic about the Hong Kong economy in 2023, while 31 per cent held a more pessimistic view, and 13 per cent had no opinion. This shows that more than half of Hong Kong citizens are optimistic, despite the impact of the pandemic over the past three years, and that respondents from Mainland China are more optimistic than locals.
The research team recommends that if the Government relaunches the Consumption Voucher Scheme in the future, the vouchers be issued for use in specific categories. The Government could also refer to the consumption voucher scheme in Mainland China, where recipients receive a discount or additional vouchers if their spending reaches a certain amount. This increases consumers’ purchasing power and boosts the economy more effectively.
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