New macroeconomic report identifies consumer spending trends and overall retail performance in Hong Kong; provides analysis of clothing, grocery, health & beauty and jewellery industries
Inaugural report shows December Hong Kong retail sales were up 6.4% year-over-year
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Hong Kong, 22 January 2014 – MasterCard Advisors, a unit of MasterCard (NYSE: MA) announced today the launch of SpendingPulse® in Hong Kong, a report that provides a macroeconomic analysis of retail performance and spending. The report leverages purchase information across all forms of payment – credit cards, cash and check – to offer detailed insight into consumer spending trends. It is delivered earlier than any other industry source, providing an early overview of market indices to help retailers, investors, banks and government agencies in their decision-making processes.
The first SpendingPulse report for Hong Kong showed a 6.4 percent growth year-over-year in retail sales during the month of December. This performance was driven primarily by increase in healthy and beauty, and clothing.
“We’ve seen some steady growth in spending in recent months, which is promising as we look ahead to the Chinese New Year, beginning January 31,” said Sarah Quinlan, Senior Vice President, Market Insights for MasterCard Advisors. “This is the most important social and economic event of the year for China so, while we expect to see that reflected in retail sales next month, spending will not be at the robust pace that we saw pre-global recession.”
As one of the world’s leading international financial centers, Hong Kong has ranked #1 as the freest economy in the world for 20 consecutive years. Being a well-known destination for travelers from around the world, tourist shopping contributes significantly to the total retail sales in Hong Kong. “Spending by mainland China visitors is an important driving force underpinning the growth of retail sales in Hong Kong, so we’ll be keeping an eye on how slowing GDP growth impacts spending in the coming months,” added Quinlan.
The new SpendingPulse report provides the most complete overview of consumer spending in Hong Kong. It will be available to subscribers the third week of every month and will offer actionable insights on the clothing, grocery, health & beauty and jewellery industries. The monthly report also includes an overall retail sales and price index, so that subscribers can understand whether spending growth is truly being driven by increased shopping or by inflation.
“It is the ideal time to extend SpendingPulse into Hong Kong because the market represents enormous growth opportunities,” said Kevin Goldmintz, Head of Hong Kong and Macau for MasterCard. “SpendingPulse reports offer significant value to both businesses and governments, providing the most timely and actionable source of information on retail spending trends available in the marketplace. Launching SpendingPulse in Hong Kong means the Asia Pacific region and global companies doing business in Hong Kong will have access to accurate insights they can act upon, in near real-time, to achieve greater return on investment.”
SpendingPulse is currently available to subscribers in the United States, United Kingdom, Canada and Brazil, and is delivered ahead of retail spending figures provided by other sources. It is one of the most quoted reports on macroeconomic trends in the US. It is often used as a source of reference by major international news outlets.
SpendingPulse® Hong Kong Methodology
MasterCard analyzes the transactions processed by the MasterCard Hong Kong payments network and uses statistical models which take into account the trends of other payment methods (cash and check) to produce accurate and efficient reports. SpendingPulse® Hong Kong is based on a robust data sample drawn from all businesses accredited by MasterCard in Hong Kong plus other additional data sources.
About MasterCard SpendingPulse
Launched in 2006 by MasterCard Advisors, MasterCard SpendingPulse is a macroeconomic indicator that reports on national retail spending and performance. The report is based on aggregate sales activity in the MasterCard payments network, coupled with estimates for all other payment forms, including cash and check. MasterCard SpendingPulse reports and content, including estimated forecasts of spending trends, do not in any way contain, reflect or relate to actual MasterCard operational or financial performance, or specific payment-card-issuer data.
About MasterCard Advisors
MasterCard Advisors, the professional services arm of MasterCard, provides clients around the world with insights and solutions that drive business impact and ROI. The company uses advanced analytics and deep payments expertise to translate data into actionable behavioral insights and customized services. With insights based on more than 80 billion anonymous transactions processed in 210 countries worldwide, the company leverages aggregated information and a consultative approach to help financial institutions, merchants, media companies, governments and other organizations grow their businesses. For more information, go to www.mastercardadvisors.com.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
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