Hong Kong: Nielsen reveals drop in consumer confidence

Nielsen’s fourth quarter 2012 report on Hong Kong consumer confidence shows a drop of 4 index points. More than half of respondents believe they are in recession. The economy and job security are major concerns. Because of these fears, the Hong Kong consumers are cutting back on spending in the retail sector. The purchase of new clothes is down 5% and buying new technology products is down 9%. More people are saving or putting their cash into investments. “There is the lingering concern about the continuously high property prices, the rising commodity prices, the government policy, and the subdued growth in mainland China in 2012,” said Oliver Rust, Managing Director of Nielsen Hong Kong.