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The epidemic has changed consumption habits. MEI found that clothing consumption in 5 changing materials will rebound

26/08/2023

The life patterns of citizens have changed a lot during the three-year epidemic, and consumption is one of the affected areas. According to analysis by the Mastercard Economic Institute (MEI), many of Hong Kong's citizens have switched to working from home after experiencing social distancing measures, and are paying more attention to their overall physical and mental health. Overall, there are five changes in consumption patterns.

Mastercard Economic Research Institute pointed out that consumers will re-embrace the long-awaited shopping experience. During the epidemic, many consumers could only make purchases online. As anti-epidemic measures were relaxed from May last year, consumer spending on clothing, footwear, jewelry shopping and other categories rebounded significantly. From May to December last year, annual expenditures were higher than monthly expenditures during the same period in 2019.

Increase in consumption of cosmetics and beauty products

It also found that consumers are eager to look their best after epidemic prevention measures are relaxed. Mastercard Economic Research Institute pointed out that since the relaxation of preventive measures, consumption of cosmetics and beauty services has also increased, reflecting that citizens are keen to dress up for social events. From May 2022 to the end of the year, the average monthly level of beauty-related consumption will nearly triple compared with the same period in 2019.

Changing eating habits of consumers. The outbreak has prompted Hong Kong people to cook more at home. When the number of confirmed cases in the community increased in January 2022, the government tightened epidemic prevention restrictions, resulting in a sharp decline in consumption in dining establishments from January to March this year compared with October to December 2021, while consumption in grocery stores increased at the same time.

The institute also found that consumers receive more care for their pets. Under travel restrictions and remote working mode, citizens can devote more time to caring for their pets, and their spending on pet-related industries has increased. In December last year, public spending at pet stores doubled compared with January 2019.

Clothing and footwear consumption expected to rebound

Additionally consumers will have exciting new interests and pastimes. Due to social distancing measures and bans on outdoor activities, many Hong Kong people have turned to static activities during the epidemic, including reading, games, arts and crafts. During the period from 2019 to 2022, consumer spending on related activities increased year-on-year, and it was also pointed out that spending on arts and crafts doubled compared to before the epidemic.

David Mann, chief economist for Asia Pacific and the Middle East at Mastercard, said: "Hong Kong consumers' spending patterns have changed due to the epidemic, and we expect consumers to continue to redefine what is important to them. As the epidemic subsides, Mastercard sees consumption People are more inclined to engage in social activities and experience new things. Consumption is an important pillar of local economic recovery. As society enters the post-epidemic era, mainstream consumption areas such as clothing, footwear and jewelry are expected to rebound."

From: https://www.hk01.com/article/897322?utm_source=01articlecopy&utm_medium=referral