HSBC: Over 70% Surveyed Spend Money in HK Most of the Time; Bank to Partner w/ 1,000+ Brands to Boost Local Consumption

　　HSBC announced yesterday (25 July) that it has partnered with more than 1,000 local and international retail brands to create a network of banking privileges for all of the bank's Hong Kong personal customers, offering privileges at more than 10,000 merchant locations both locally and overseas.

　　HSBC said the Hong Kong market remained buoyant, as evidenced by the steady YoY increase in local spending by the bank's credit card customers in 1Q24. By allowing financial customers to enjoy most of the year-round credit card privileges, the lender hoped that this would broaden the customer base of its partner merchants, thereby attracting more merchants to join the programme and creating a “triple-win” situation for the bank, the merchants and the customers.

　　HSBC also announced the results of a survey on Hong Kong people's spending habits, which found that 67% of respondents still spend their money locally most of the time, with 39% of respondents reporting that their local spending is on average 15% more than before the pandemic. The survey also found that the average number of outbound trips made by respondents last year was 6.1. 48% of the respondents travelled outside Hong Kong. Of these, 48% said they travelled more frequently than before the epidemic, while 59% said they spent more on travel than before Covid.

　　HSBC conducted an online survey between 20 June and 28 June this year, interviewing 1,032 Hong Kong people aged 18-64 about their habits and attitudes towards outbound travel and local consumption patterns.