The Hong Kong Retail Management Association announced recently that consumer sentiment remains depressed in the SAR.
Commenting on the results of its recent 'Shopometer Survey', the Association revealed that of the 1,000 people polled last month, 51% expected the Hong Kong economy to deteriorate between September and November, compared with 26% in the previous survey, which was conducted in May.
'Everybody hoped that the US economy would rebound in the second quarter. But with the country's stock market scandal and its possible war with Iraq, the overall climate remains unclear,' HKRMA executive director, Anita Bagaman explained to the Hong Kong Standard last week.
The survey also showed that Hong Kong residents are acting on their instincts - retail sales figures have dropped by 5% since January, and a growing number of respondents are saving in anticipation of tougher times ahead, putting away up to 16% of their earnings.
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