In the ‘Impact of COVID-19 on Hong Kong Consumers’ Behaviours’ report we present our analysis to examine the effects of COVID-19 on consumers’ needs, behaviours and preferences to better understand its impact in Hong Kong consumers’ changing spending behaviours.
The report, includes KPMG’s recent research on consumers’ needs and the new reality under the effects of COVID-19, and data gathered by gini, shows there is a preference shift towards engaging with leading digital organisations as well as towards payment methods offering immediate rewards for online spending. In particular, banking and insurance consumers in Hong Kong are notedly expecting to continue using digital services more post-pandemic.
The research shows that Hong Kong consumers have become more digital-savvy, selective and loyal to brands they trust while making financial decisions in the wake of the COVID-19 pandemic. They are expecting retailers, banks and insurers to deliver enhanced digital experiences and are increasingly shifting towards financial services providers perceived as providing more “value” for online purchases by offering cash rebate and other immediate rewards upon payment. The data shows that there is a preference shift towards engaging with leading digital organisations as well as towards payment methods offering immediate rewards for online spending. In particular, banking and insurance consumers in Hong Kong are notedly expecting to continue using digital services more post-pandemic.
After six months of consumer sentiment analysis at various stages of the pandemic, consumers’ preferences have noticeably changed, directly affecting the key priorities for organisations.
Isabel Zisselsberger
Head of Strategy & Performance for Financial Services, Hong Kong
KPMG China
Sean Ren
Associate Director, Strategy & Performance
KPMG China