Study: Hongkongers will think twice before spending money after the pandemic

The pandemic has changed people's attitude towards their future and finances. In a McCann Worldgroup study, more than half of Hongkongers said they would be more cautious about spending money after the pandemic, and only a handful of them believed that brands had stepped up to solve the crisis.

McCann Worldgroup’s global intelligence unit McCann Worldgroup Truth Central has been conducting "Truth About Culture and COVID-19", an ongoing study offering insights into ongoing shifts in global consumer attitudes regarding the pandemic. In Hong Kong, the number of people expressing concerns about losing their jobs or struggling financially was relatively low (29%), but 58% of respondents in Hong Kong said they would be more cautious about spending money after the pandemic.

Meanwhile, only 11% of Hong Kong respondents said brands had stepped up to solve the crisis, the lowest among APAC. 

“This is a clear call to action for brands in Hong Kong to step up and play more of a meaningful role in people’s lives, especially during this challenging time and with economic headwinds. As the research findings show, careful navigation and greater understanding have become vital for both brands and governments," commented Richard McCabe, chief strategy officer of McCann Worldgroup Asia Pacific.

The study has also delved into trust in governments. Across APAC, 22% of respondents said they had been disappointed with their governments’ performance in handling the pandemic, while the figure was higher in Hong Kong with 31% of people polled believing the government had let them down.

When asked to consider which groups or institutions people had lost trust in during the pandemic, Hong Kong placed loss of trust in the government highest (53%), but almost half of Hongkongers surveyed (47%) conceded that the government was prepared to cope with the pandemic, higher than the global average of 39%.