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Thursday, 16 October 2008
HK Has Fastest Buyers in Asia, Study Shows
Hongkongers, ready, set, buy. Compared with their Asian counterparts, shoppers here take the least time to make purchasing decisions, a study has found. PDF
Hongkongers, ready, set, buy. Compared with their Asian counterparts, shoppers here take the least time to make purchasing decisions, a study has found.
More than 5,000 respondents across Asia were surveyed from May to June about their purchases in an Omnicom Media Group study called Pathway. The results show Hongkongers do not wait long to buy a product or service once interest is triggered. “Pathway reveals that Hong Kong consumers take about 1 -1/2 months to make a decision on financial services but only 20 minutes on fast foods,” the marketing and communications group said.
Contrast that with India, where it took 64 hours for a person to commit to visiting a fast-food eatery, or with Singapore, where someone would not make a financial purchasing decision for 277 days, said Florence Oong, an OMG director. Hong Kong “is very in tune with the fast-pace lifestyle, where everybody wants to have no time to waste, wants to make a quick decision”. Nevertheless, the financial crisis may slow the buying decisions of Hong Kong’s middle class, especially when it came to telecommunications and wealth management, where there was “a longer consideration period towards purchase”, said a spokeswoman.
But areas where quick decisions were made, such as fast food, should not feel much impact.
The Pathway study also looked at how people first became interested in a product or service.
OMG said 79 per cent of all respondents claimed their interest was triggered by adverts on television or in print, while 19 per cent were influenced by new media.
In Hong Kong, it was 73 per cent versus 17 per cent for new media.
The study also found that when planning holidays, Hongkongers spent more time researching and comparing prices than other Asians, OMG said. “For baby products, they spend more time deciding what to buy and where to buy it,” it said.
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HK Has Fastest Buyers in Asia, Study Shows
Dan Kadison
16 October 2008
Hongkongers, ready, set, buy. Compared with their Asian counterparts, shoppers here take the least time to make purchasing decisions, a study has found.
More than 5,000 respondents across Asia were surveyed from May to June about their purchases in an Omnicom Media Group study called Pathway. The results show Hongkongers do not wait long to buy a product or service once interest is triggered. “Pathway reveals that Hong Kong consumers take about 1 -1/2 months to make a decision on financial services but only 20 minutes on fast foods,” the marketing and communications group said.
Contrast that with India, where it took 64 hours for a person to commit to visiting a fast-food eatery, or with Singapore, where someone would not make a financial purchasing decision for 277 days, said Florence Oong, an OMG director. Hong Kong “is very in tune with the fast-pace lifestyle, where everybody wants to have no time to waste, wants to make a quick decision”. Nevertheless, the financial crisis may slow the buying decisions of Hong Kong’s middle class, especially when it came to telecommunications and wealth management, where there was “a longer consideration period towards purchase”, said a spokeswoman.
But areas where quick decisions were made, such as fast food, should not feel much impact.
The Pathway study also looked at how people first became interested in a product or service.
OMG said 79 per cent of all respondents claimed their interest was triggered by adverts on television or in print, while 19 per cent were influenced by new media.
In Hong Kong, it was 73 per cent versus 17 per cent for new media.
The study also found that when planning holidays, Hongkongers spent more time researching and comparing prices than other Asians, OMG said. “For baby products, they spend more time deciding what to buy and where to buy it,” it said.
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