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Sunday, 28 September 2008
Downturn Casts Gloom on Streets of HK
To gauge the mood on the street about the state of Hong Kong’s economy, the Sunday Morning Post skipped the bankers and speculators and talked to regular folk. PDF
To gauge the mood on the street about the state of Hong Kong’s economy, the Sunday Morning Post skipped the bankers and speculators and talked to regular folk.
The gloom on Friday was almost universal. When interviewees heard the word “economy”, the immediate response was “bad”, and they felt “worried”.
Almost everyone approached in Quarry Bay said they had suffered as the economic tide receded, many since the start of the year.
Some people were angry. One said: “There’s no point in talking to a newspaper. It won’t make the economy any better.”
Mrs Wong, 55, a housewife living with her retired husband, said she was really worried.
“HSBC has started to lay off staff already,” she said. “I’m worried the job security of my kids will be affected, too. Even if they are not sacked, their pensions and bonuses will be affected. I don’t know what we’ll do then.”
Ms Lee, 53, selling vegetables at a food stall, was also worried. She was concerned that she would lose her job. “In the past people bought a lot, but not any more,” she said. “Our customers used to buy three to four kinds of vegetables, but now they buy two only.
“It has become worse since the stock market dropped. Many housewives loved to come and exchange information about the stock market when it was booming, but they just don’t come any more.”
Ms Tsui, 33, echoed those sentiments. The fruit-stall operator said this year has been the worst in recent memory.
“Even during the Sars outbreak, our business was only affected for a month. But this economic downturn started at the end of last year. During this year’s Mid-Autumn Festival, we were only busy for one day, while during past Mid-Autumn Festivals we were busy for the whole month.”
But not everyone has been adversely affected by the downturn.
Mr Leung, a butcher in his 40s, said he had not seen a drop in business. “People need pork, anyway,” he said. “It’s a necessity.
“People may be finding that meat is much more expensive in supermarkets, so my business has actually become better.”
Sharing his luck was Mr Ho, 46, the owner of a seafood firm. “Rich people are still rich,” he said. “They will come to buy seafood anyway.”
The pain spreads
Mr Chan, 60, owner of a dried-food store for 17 years
“I work from 6.30am to 8pm, but I can only just afford the rent with what I earn. There are customers, but they only buy low-cost products since the economic downturn. I might have to close my shop soon.”
Mrs Leung, 46, who has run a newspaper stall for 22 years
“When the stock market is booming, these financial papers would be gone before 9am. How about now? People only buy papers in the afternoon as there is a price reduction. Some have given up buying papers in order to save money.”
Mr So, 29, a decorator
“When the market is booming, our customers usually ask us to do every decoration. However, when the markets go down, some customers ask us to buy them the material only and they will do it themselves.”
Mr Yuen, 55, owner of a laundry
“People having fewer parties and dressing in a more casual way has harmed my business. I had to hire someone to help with my business before, but now I work by myself. In the past, people would come and pay to have their curtains washed, but now they are not willing to spend.”
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Downturn Casts Gloom on Streets of HK
Yau Chui-yan
28 September 2008
To gauge the mood on the street about the state of Hong Kong’s economy, the Sunday Morning Post skipped the bankers and speculators and talked to regular folk.
The gloom on Friday was almost universal. When interviewees heard the word “economy”, the immediate response was “bad”, and they felt “worried”.
Almost everyone approached in Quarry Bay said they had suffered as the economic tide receded, many since the start of the year.
Some people were angry. One said: “There’s no point in talking to a newspaper. It won’t make the economy any better.”
Mrs Wong, 55, a housewife living with her retired husband, said she was really worried.
“HSBC has started to lay off staff already,” she said. “I’m worried the job security of my kids will be affected, too. Even if they are not sacked, their pensions and bonuses will be affected. I don’t know what we’ll do then.”
Ms Lee, 53, selling vegetables at a food stall, was also worried. She was concerned that she would lose her job. “In the past people bought a lot, but not any more,” she said. “Our customers used to buy three to four kinds of vegetables, but now they buy two only.
“It has become worse since the stock market dropped. Many housewives loved to come and exchange information about the stock market when it was booming, but they just don’t come any more.”
Ms Tsui, 33, echoed those sentiments. The fruit-stall operator said this year has been the worst in recent memory.
“Even during the Sars outbreak, our business was only affected for a month. But this economic downturn started at the end of last year. During this year’s Mid-Autumn Festival, we were only busy for one day, while during past Mid-Autumn Festivals we were busy for the whole month.”
But not everyone has been adversely affected by the downturn.
Mr Leung, a butcher in his 40s, said he had not seen a drop in business. “People need pork, anyway,” he said. “It’s a necessity.
“People may be finding that meat is much more expensive in supermarkets, so my business has actually become better.”
Sharing his luck was Mr Ho, 46, the owner of a seafood firm. “Rich people are still rich,” he said. “They will come to buy seafood anyway.”
The pain spreads
Mr Chan, 60, owner of a dried-food store for 17 years
“I work from 6.30am to 8pm, but I can only just afford the rent with what I earn. There are customers, but they only buy low-cost products since the economic downturn. I might have to close my shop soon.”
Mrs Leung, 46, who has run a newspaper stall for 22 years
“When the stock market is booming, these financial papers would be gone before 9am. How about now? People only buy papers in the afternoon as there is a price reduction. Some have given up buying papers in order to save money.”
Mr So, 29, a decorator
“When the market is booming, our customers usually ask us to do every decoration. However, when the markets go down, some customers ask us to buy them the material only and they will do it themselves.”
Mr Yuen, 55, owner of a laundry
“People having fewer parties and dressing in a more casual way has harmed my business. I had to hire someone to help with my business before, but now I work by myself. In the past, people would come and pay to have their curtains washed, but now they are not willing to spend.”
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