75% of HK consumers shop on social media: report

Features such as payment methods, personalisation, and payment security are also crucial for attracting customers.

About 75% of Hong Kong consumers made purchases via social media over the past year, surpassing the global average of 44%, according to The Adyen Index 2024.

Over 38,000 consumers and 13,000 businesses worldwide, including 1,000 consumers and 500 businesses in Hong Kong were surveyed in the study.

The report also showed that Hong Kong shoppers prioritise convenience in payment methods, with 68% expressing a willingness to abandon a purchase if their preferred payment option is unavailable. 

Digital wallets are also increasingly favored, with 59% of consumers relying on mobile-enabled payment methods. Additionally, QR codes (29%) and contactless payments (27%) are gaining popularity.

Seven out of ten consumers in Hong Kong also expect businesses to enhance loyalty rewards and offer personalised discounts. About 67% of Hong Kong shoppers are willing to share their data for tailored rewards.

Meanwhile, security remains a top priority for both consumers and businesses in Hong Kong, with over 73% of consumers experiencing payment fraud in the past year. 

Businesses are now considering partnering with tech or payment providers offering chargeback liability guarantees (74%) and enhanced fraud defense mechanisms (69%) to mitigate risks.

Despite these consumer trends, only a minority of businesses are investing in fintech (20%) or leveraging technology to enhance customer experiences (22%).

“In the face of persistent inflation and rising consumer demand, businesses do not have luxury of choosing between operational efficiency and excellent customer experience,” said Kai Tang, head of Hong Kong at Adyen.

“To thrive, businesses must bolster their operations while ensuring customer-centricity remains at the core of the strategy,” she added.