The Internet has taken on an indispensable role in the everyday life of many Hong Kong consumers as access becomes ever more pervasive and convenient. The latest survey on online shopping conducted by MasterCard shows that nearly one in two Hong Kong respondents access the Internet to shop. Moreover, about two-thirds of consumers said they expect to shop online in the next six months.
The younger generation in Hong Kong is more likely to engage in online shopping as 73% of respondents aged 18-24 accessed the internet to purchase products. In Hong Kong, 35% of respondents chose “movie/concert tickets” as their favorite category for purchases. “Hotel accommodations” came in second at 32% and “airline tickets” was third at 31%. Over two-thirds (69%) of respondents in Hong Kong indicated they were satisfied with online shopping, compared to 63% in 2009.
Of those who have made online purchases in the past 3 months, the average number of items purchased was 4.3, compared to 3.9 items six months ago.
Jeroen van Son, Head of Hong Kong and Macau, MasterCard Worldwide, said, “The findings of the latest online shopping survey by MasterCard revealed nearly one in two respondents in Hong Kong are shopping online. Further, 72% of respondents said that they consider whether a site offers secure payment facility to be extremely or somewhat important, the highest percentage among a list of ten factors. Catering to the needs‟ of the growing numbers of online shoppers,
The MasterCard survey also uncovered a growing trend among APMEA consumers using their mobile phones to access the Internet, represented by 19% of respondents in 2010 versus 8% in 2009. In Greater China, 15% of respondents in Hong Kong said they have made purchases using the mobile phones, compared to 23% in China and 16% in Taiwan.
MasterCard offers secured, convenient and varied payment methods for our cardholders. Combining the ease of use with convenience, we will continue to innovate and foster a dynamic e-commerce environment for MasterCard cardholders.”
Sunday 31 July 2011
HK international Passenger Arrivals record Strong Growth
Destinations in Asia/Pacific, including Hong Kong, are key players in the movement of the world economy, according to the MasterCard Index of Global Destination Cities released today.
The results indicate that Hong Kong ranks fifth globally and third in Asia/Pacific, behind Bangkok and Singapore, among the top 201cities by international arrivals. Hong Kong is projected to have 10.9 million visitors in 2011, or a 17.4% year-on-year increase. Hong Kong also displays strong growth in visitor spending in 2011. The city ranks tenth in the world and fourth in Asia/Pacific with US$10.4 billion expected to be spent by inbound passengers in 2011, a growth forecast of 23.6%. Hong Kong was slightly behind Singapore (23.9%) and Shanghai (24.3%) in terms of visitor expenditure growth rate.
“Hong Kong shows robust growth with increases in both visitor arrivals and cross-border expenditure. This kind of growth pattern strongly suggests that destination cities like Hong Kong will continue to grow in importance,” observed Jeroen van Son, Head of Hong Kong and Macau, MasterCard Worldwide. Asia/Pacific cities lead the charge globally, home to eight of the top 20 cities by international arrivals, with Bangkok ranked third, projected to have 11.5 million visitors this year, followed by Singapore in fourth place with 11.4 million visitors and Hong Kong fifth with 10.9 million visitors. Asia also displays strong visitor growth for 2011 with Kuala Lumpur ranked second in the world with a 21.8% growth forecast and Shanghai fourth with 18.6%. Beijing, which was not part of the global Top 20, also showed significant growth of international arrivals with 20.2%, placing it above Shanghai in the Asia/Pacific region. The region also performs well in visitor spending with Bangkok ranked fourth globally with US$14.4 billion expected to be spent by inbound passengers in 2011; Sydney sixth with US$13.8 billion, Singapore ninth with US$10.8 billion.
Chinese cities show prominent visitor growth Beijing and Shanghai ranked second and third regionally in terms of visitor growth, with growth rates estimated at 20.2% and 18.6% respectively, reflecting their rising popularity as China’s most important destination cities. Shanghai also ranks second in the region for growth in visitor expenditures with 24.3%. Taipei records significant visitor growth Taipei is ranked seventh in the Asia/Pacific region with 5.4 million visitors and US$8.5 billion expected to be spent by inbound passengers in 2011.
The MasterCard Worldwide Index of Global Destination Cities is compiled using international flight and flight capacity information purchased from OAG Global, a provider of international aviation data. Flight schedules are also used for calculating flight frequency between pairs of cities. Airlines also publish on a regular basis their historical load factor, and advance flight schedules, which are then used to estimate the actual outbound passenger departures, and for forecasting outbound passenger departures in the coming year.
The results indicate that Hong Kong ranks fifth globally and third in Asia/Pacific, behind Bangkok and Singapore, among the top 201cities by international arrivals. Hong Kong is projected to have 10.9 million visitors in 2011, or a 17.4% year-on-year increase. Hong Kong also displays strong growth in visitor spending in 2011. The city ranks tenth in the world and fourth in Asia/Pacific with US$10.4 billion expected to be spent by inbound passengers in 2011, a growth forecast of 23.6%. Hong Kong was slightly behind Singapore (23.9%) and Shanghai (24.3%) in terms of visitor expenditure growth rate.
“Hong Kong shows robust growth with increases in both visitor arrivals and cross-border expenditure. This kind of growth pattern strongly suggests that destination cities like Hong Kong will continue to grow in importance,” observed Jeroen van Son, Head of Hong Kong and Macau, MasterCard Worldwide. Asia/Pacific cities lead the charge globally, home to eight of the top 20 cities by international arrivals, with Bangkok ranked third, projected to have 11.5 million visitors this year, followed by Singapore in fourth place with 11.4 million visitors and Hong Kong fifth with 10.9 million visitors. Asia also displays strong visitor growth for 2011 with Kuala Lumpur ranked second in the world with a 21.8% growth forecast and Shanghai fourth with 18.6%. Beijing, which was not part of the global Top 20, also showed significant growth of international arrivals with 20.2%, placing it above Shanghai in the Asia/Pacific region. The region also performs well in visitor spending with Bangkok ranked fourth globally with US$14.4 billion expected to be spent by inbound passengers in 2011; Sydney sixth with US$13.8 billion, Singapore ninth with US$10.8 billion.
Chinese cities show prominent visitor growth Beijing and Shanghai ranked second and third regionally in terms of visitor growth, with growth rates estimated at 20.2% and 18.6% respectively, reflecting their rising popularity as China’s most important destination cities. Shanghai also ranks second in the region for growth in visitor expenditures with 24.3%. Taipei records significant visitor growth Taipei is ranked seventh in the Asia/Pacific region with 5.4 million visitors and US$8.5 billion expected to be spent by inbound passengers in 2011.
The MasterCard Worldwide Index of Global Destination Cities is compiled using international flight and flight capacity information purchased from OAG Global, a provider of international aviation data. Flight schedules are also used for calculating flight frequency between pairs of cities. Airlines also publish on a regular basis their historical load factor, and advance flight schedules, which are then used to estimate the actual outbound passenger departures, and for forecasting outbound passenger departures in the coming year.
HK consumers less optimistic in in Economy, Income
Consumer confidence in Hong Kong has dipped over the last six months, according to the latest MasterCard Worldwide Index of Consumer Confidence, released today. Though consumers remain cautiously optimistic with an overall Index score of 69.9, However, they seem more confident in the Stock Market as it is the only indicator that increased slightly (77.6 vs. 74.1). Amongst the Hong Kong respondents, those under the age of 30 are more optimistic than their older counterparts (71.2 for those below 30 vs. 68.9 for those above 30). These results mark a dramatic reversal compared to six months ago when the consumer sentiment of those aged 30 and above was more positive than those who were younger (75.9 vs. 71.4).
Now in its 19th year, the MasterCard Worldwide Index of Consumer Confidence is the region’s most comprehensive and longest running consumer confidence survey.
The Index is based on a survey which measures consumer confidence on prevailing expectations in the market for the next six months based on five economic indicators: Economy, Employment, Stock Market, Regular Income and Quality of Life. The Index score is calculated with zero as the most pessimistic, 100 as most optimistic and 50 as neutral. The latest survey was conducted from 15 March to 27 April 2011 and involved 10,374 consumers from 14 markets1. Data collection was via internet surveys, personal, telephone and Computer Aided Telephone interviews, with the questionnaire translated to the local language wherever appropriate and necessary. The Index and its accompanying reports do not represent MasterCard financial performance.
“Local consumers are still wary in their outlook for the months ahead due to the uncertainties caused by issues such as rising commodity and property prices, natural disasters and political instability in other markets and ongoing financial uncertainty across the Eurozone. Nevertheless, it is encouraging to see that consumer perceptions across most of the indicators continue to be optimistic.” In Asia/Pacific, consumers are concerned at the slow pace of the global economic recovery with a dip in optimism recorded over the last six months (61.5 vs. 68.0). Ten out of the 14 Asia/Pacific markets, such as China, Hong Kong and Singapore, recorded an overall decline in consumer confidence. Japan and New Zealand, both still recovering from devastating earthquakes this year, were the least confident nations. Taiwan is one of only four markets that saw consumer sentiment moved upwards.
“Though Hong Kong records a decline in optimism, consumer attitudes remain positive. There is clearly a perception that the recovery from the financial crisis is not going as Consumer Confidence Wanes in Hong Kong: MasterCard Survey smoothly as people would like,” said Jeroen van Son, Head of Hong Kong and Macau, MasterCard Worldwide.
MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004. MasterCard has also released a series of four books on Asian consumer insights, authored by Dr. Yuwa Hedrick-Wong, Global Economic Advisor for MasterCard Worldwide and published by John Wiley & Sons.
Now in its 19th year, the MasterCard Worldwide Index of Consumer Confidence is the region’s most comprehensive and longest running consumer confidence survey.
The Index is based on a survey which measures consumer confidence on prevailing expectations in the market for the next six months based on five economic indicators: Economy, Employment, Stock Market, Regular Income and Quality of Life. The Index score is calculated with zero as the most pessimistic, 100 as most optimistic and 50 as neutral. The latest survey was conducted from 15 March to 27 April 2011 and involved 10,374 consumers from 14 markets1. Data collection was via internet surveys, personal, telephone and Computer Aided Telephone interviews, with the questionnaire translated to the local language wherever appropriate and necessary. The Index and its accompanying reports do not represent MasterCard financial performance.
“Local consumers are still wary in their outlook for the months ahead due to the uncertainties caused by issues such as rising commodity and property prices, natural disasters and political instability in other markets and ongoing financial uncertainty across the Eurozone. Nevertheless, it is encouraging to see that consumer perceptions across most of the indicators continue to be optimistic.” In Asia/Pacific, consumers are concerned at the slow pace of the global economic recovery with a dip in optimism recorded over the last six months (61.5 vs. 68.0). Ten out of the 14 Asia/Pacific markets, such as China, Hong Kong and Singapore, recorded an overall decline in consumer confidence. Japan and New Zealand, both still recovering from devastating earthquakes this year, were the least confident nations. Taiwan is one of only four markets that saw consumer sentiment moved upwards.
“Though Hong Kong records a decline in optimism, consumer attitudes remain positive. There is clearly a perception that the recovery from the financial crisis is not going as Consumer Confidence Wanes in Hong Kong: MasterCard Survey smoothly as people would like,” said Jeroen van Son, Head of Hong Kong and Macau, MasterCard Worldwide.
MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004. MasterCard has also released a series of four books on Asian consumer insights, authored by Dr. Yuwa Hedrick-Wong, Global Economic Advisor for MasterCard Worldwide and published by John Wiley & Sons.
SinoPac Display Card offering heightened payment security
MasterCard in conjunction with Bank SinoPac in Taiwan, took an innovative step towards offering heightened payment security and convenience for consumers by unveiling the world's first display credit card, the MasterCard “SinoPac Display Card”.
As e-commerce has become an increasingly significant driving force in the global economy, the demand for payment security has never been keener. With the introduction of the MasterCard “SinoPac Display Card”, consumers in Taiwan get to be the first in the world to enjoy the security and convenience of leading-edge interactive credit card payment technology. Cardholders can now take advantage of a wide range of mobile financial services, such as online transactions using 3D authentication security as well as non-predesignated account transfers. Swiss-based security specialist NagraID Security has been chosen as the technology provider for the program.
MasterCard Unveils World's First Display Credit Card work towards marrying technology and functionality in payments. The MasterCard “SinoPac Display Card” in Taiwan is the first such program in the world on a credit card for MasterCard, and an extension of our success in Europe in June when we launched the first display debit card for Maestro. We thank Bank SinoPac and NagraID Security for making this innovation possible.” In June this year, Turkish bank TEB, a subsidiary of BNP Paribas, was the first issuer to bring the display card to consumers with a Maestro® eCommerce authentication program. It was the first display card for MasterCard debit cards.
How it works The display card is the first interactive payment credit card on the market. The one-time password (OTP) security technology with two-factor authentication represents the state of the art in security maintenance. When a cardholder lightly taps a button on the credit card, a six-digit screen at the top right corner will display a one-time dynamic password. The embedded technology also provides better security and convenience for the cardholder and eliminates the need to wait for a text message while authorizing a non-predesignated account transfer.
Desmond Jiang, President & Chief Executive of Channel Marketing, Bank SinoPac said, “Bank SinoPac is honored to be the first bank in the world to adopt this innovative technology with a display card in the credit card sector. We believe that this initiative will lead consumers in Taiwan towards more advanced and user-friendly payment solutions including mobile payment. Bank SinoPac will continue to strengthen its capabilities by developing more products that integrate technology with financial management, providing consumers in Taiwan newer, better and safer payment methods.” Yunsok Chang, group executive, Global Products and Solutions, Asia/Pacific, Middle East, and Africa, MasterCard Worldwide said, “With consumers looking to shop online and transact using their mobile phones, our role is to foster a safe and convenient environment for cashless payments. The new display card is a milestone for MasterCard as we innovate and MasterCard Worldwide –
As e-commerce has become an increasingly significant driving force in the global economy, the demand for payment security has never been keener. With the introduction of the MasterCard “SinoPac Display Card”, consumers in Taiwan get to be the first in the world to enjoy the security and convenience of leading-edge interactive credit card payment technology. Cardholders can now take advantage of a wide range of mobile financial services, such as online transactions using 3D authentication security as well as non-predesignated account transfers. Swiss-based security specialist NagraID Security has been chosen as the technology provider for the program.
MasterCard Unveils World's First Display Credit Card work towards marrying technology and functionality in payments. The MasterCard “SinoPac Display Card” in Taiwan is the first such program in the world on a credit card for MasterCard, and an extension of our success in Europe in June when we launched the first display debit card for Maestro. We thank Bank SinoPac and NagraID Security for making this innovation possible.” In June this year, Turkish bank TEB, a subsidiary of BNP Paribas, was the first issuer to bring the display card to consumers with a Maestro® eCommerce authentication program. It was the first display card for MasterCard debit cards.
How it works The display card is the first interactive payment credit card on the market. The one-time password (OTP) security technology with two-factor authentication represents the state of the art in security maintenance. When a cardholder lightly taps a button on the credit card, a six-digit screen at the top right corner will display a one-time dynamic password. The embedded technology also provides better security and convenience for the cardholder and eliminates the need to wait for a text message while authorizing a non-predesignated account transfer.
Desmond Jiang, President & Chief Executive of Channel Marketing, Bank SinoPac said, “Bank SinoPac is honored to be the first bank in the world to adopt this innovative technology with a display card in the credit card sector. We believe that this initiative will lead consumers in Taiwan towards more advanced and user-friendly payment solutions including mobile payment. Bank SinoPac will continue to strengthen its capabilities by developing more products that integrate technology with financial management, providing consumers in Taiwan newer, better and safer payment methods.” Yunsok Chang, group executive, Global Products and Solutions, Asia/Pacific, Middle East, and Africa, MasterCard Worldwide said, “With consumers looking to shop online and transact using their mobile phones, our role is to foster a safe and convenient environment for cashless payments. The new display card is a milestone for MasterCard as we innovate and MasterCard Worldwide –
HK Women Rank High in Investment/Money Management
Women in Hong Kong ranked in the top five for Investment and Basic Money Management across Asia/Pacific, however they were outshined by their counterparts in terms of Financial Planning skills, according to MasterCard Worldwide’s inaugural Index of Financial Literacy released today.
Hong Kong women had the third and fourth highest scores in Basic Money Management (71.0) and Investment (60.9) respectively across Asia/Pacific. However, they were particularly weak in Financial Planning as indicated by their score of 67.8, which is near the bottom of the ranking for that component in Asia/Pacific and below the regional average (74.6). They ranked eighth in the overall Financial Literacy Index with an Index score of 68.0. In Asia/Pacific, women scored the best in Financial Planning (74.6), followed by Basic Money Management (63.9) and Investment (56.7).
The MasterCard Index of Financial Literacy is based on a survey of consumers from 24 markets1 across Asia/Pacific Middle East Africa (APMEA). It comprises three major components: Basic Money Management, which examines the respondents’ skills in terms of budgeting, savings and responsibility of credit usage; Financial Planning, which assesses their knowledge of financial products, services, concepts and ability to make long-term plans for financial needs; and Investment, which indicates their basic understanding of the various investment risks and different investment products, and if they have the necessary skills.
They are financially savvy to some extent, in particular among the over-30, married, working group, but the level of financial literacy in women can be raised further, especially among the younger generation. “With the financial world becoming increasingly complex, there is a compelling need for women to be more financially confident and competent,” observed Jeroen van Son, Head of Hong Kong & Macau, MasterCard Worldwide. “This new MasterCard Index has certainly provided us with fresh insights into women’s aptitude for, and knowledge of, managing their finances. It is encouraging to see that women in Hong Kong scored high in basic money management and investment, reinforcing Hong Kong as an international finance hub,”
Chinese women were particularly weak in Basic Money Management and Investment (both 54.4), near the bottom of the ranking for these two components in Asia/Pacific. Taiwan (68.7) in sixth place did relatively well in terms of Financial Planning (82.4) and Investment (61.3) – it ranked third in Asia/Pacific for both components. Thai women topped the Financial Literacy Index with an Index score of 73.9. They had the highest scores in Financial Planning (87.0) and Investment (69.3), outshining their peers in the other 13 Asia/Pacific markets surveyed. Also noteworthy were Vietnamese women, who took fourth place, with an overall Index score of 70.1.
Hong Kong women had the third and fourth highest scores in Basic Money Management (71.0) and Investment (60.9) respectively across Asia/Pacific. However, they were particularly weak in Financial Planning as indicated by their score of 67.8, which is near the bottom of the ranking for that component in Asia/Pacific and below the regional average (74.6). They ranked eighth in the overall Financial Literacy Index with an Index score of 68.0. In Asia/Pacific, women scored the best in Financial Planning (74.6), followed by Basic Money Management (63.9) and Investment (56.7).
The MasterCard Index of Financial Literacy is based on a survey of consumers from 24 markets1 across Asia/Pacific Middle East Africa (APMEA). It comprises three major components: Basic Money Management, which examines the respondents’ skills in terms of budgeting, savings and responsibility of credit usage; Financial Planning, which assesses their knowledge of financial products, services, concepts and ability to make long-term plans for financial needs; and Investment, which indicates their basic understanding of the various investment risks and different investment products, and if they have the necessary skills.
They are financially savvy to some extent, in particular among the over-30, married, working group, but the level of financial literacy in women can be raised further, especially among the younger generation. “With the financial world becoming increasingly complex, there is a compelling need for women to be more financially confident and competent,” observed Jeroen van Son, Head of Hong Kong & Macau, MasterCard Worldwide. “This new MasterCard Index has certainly provided us with fresh insights into women’s aptitude for, and knowledge of, managing their finances. It is encouraging to see that women in Hong Kong scored high in basic money management and investment, reinforcing Hong Kong as an international finance hub,”
Chinese women were particularly weak in Basic Money Management and Investment (both 54.4), near the bottom of the ranking for these two components in Asia/Pacific. Taiwan (68.7) in sixth place did relatively well in terms of Financial Planning (82.4) and Investment (61.3) – it ranked third in Asia/Pacific for both components. Thai women topped the Financial Literacy Index with an Index score of 73.9. They had the highest scores in Financial Planning (87.0) and Investment (69.3), outshining their peers in the other 13 Asia/Pacific markets surveyed. Also noteworthy were Vietnamese women, who took fourth place, with an overall Index score of 70.1.
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