Tuesday, March 30, 2010

Hong Kong People and their spending Behaviour

Recent survey shows that the after-90’s has 33% of HK total population, after-80’s is approximately 18% , X Generation is 32%, Baby Boomers 37%.

After-90’s people are generally having less confidence in dealing people, 60% of them claim that they do not feel confident to complete their target in life. They do not take risk, dare not make any decision without consulting their friends and or parents. These group of people tend to go for entertainment with friends for gathering, Karaoke and dinner where they spend an average of HKD$1,500 a month.

After-80’s is typically those people who spend minimum 3 hours on internet everyday, two times more than those after-90’s. They read comment and posting their comment on someone’s blogs. Reading celebrity or their idol’s blogs is their interests and habit after work. As Hong Hong is second to Korea with the most number of Bloggers, many of them belongs to this age group. Their buying behavior is more or less affected by the chatters and friends on internet. Gradually they form a trend and pattern on their buying habit and lose their instrinic personal preference. So whenever someone like a movie star wears a stylish jean, they follow. Andy Lau wears a Explorer II in the movie, they will try to follow and buy regardless if that piece of Tool Watch is good for his uses or not!

Recently we had recruited a young engineer, during the interviews we had highlighted the necessity and importance to go China is part of the job, after a couple of days, he returned call saying that their parents do not allow him to go far away from Home…
When I was young, I tried all the way I could to look for job that could travel, In fact I had been working on Merchant vessel that left Home for 12 months. During the contract, we hardly had chance to come back Home town HK. I had visited more than 20 Countries and 60 different cities in three years when I was less than 26 years old, we are coming from two different worlds. Who from the after-90’s can take up this challenge working on a Ship!??? Give me a name?

I think their parent has spoiled them all. These kid and his parent are shorter sighted. If you do not go China for your future, what else you can do in Hong Kong unless you are very smart…What is the different in working in HK and China… I can not see the reason what parents stop them to take the job…

X-Generation is more practical, they spend more on work that on entertainment, they are more active in the investment in stock market. Since they are more money-minded, they spend less time with families. They are big spender, whenever the are on vacation, they go out for extravagant dinner and enterainment., they like Piaget, Cartier, Panerai watch…Louis Vitton, Polo sort of things.
 Baby Boomers

After years of hard working, they have experienced all kind of ups and downs, they know what really matter is families and children. They believe the Fate and spend time understand the mysterious side of life. They plan their retirement life early, they would like to go for cruises with their beloved one whenever they could afford. They go hiking and exercise regularly, they use durable goods instead fashionable products, and they know what value is and more to go to Chow Tai Fook for jeweler goods and less on shoes and shirts. In order to attract this market group, the products has to be durable.. They Like Rolex, do appreciate a good watch like PP, AP, VC and Jaeger. They Like Dunhill products… I am one of them....

HK Snob

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