MasterCard Advisors has launched SpendingPulse in Hong Kong, a report that provides a macroeconomic analysis of retail performance and spending. The report leverages purchase information across all forms of payment – credit cards, cash and check – to offer detailed insight into consumer spending trends. By providing an early overview of market indices it helps retailers, investors, banks and government agencies in their decision-making processes.
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.
“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.”
As one of the world’s leading international financial centers, Hong Kong has ranked #1 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.
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