ACBM suggests Hong Kong's retailers to rethink, revise and refocus on their service and retail strategy

To announce the findings of the tenth phase of the “Customer Perceived Value (CPV) of Hong Kong’s Retail Sector” research study, The Asian Centre for Brand Management organised a press conference in late April 2009 and a briefing session for practitioners in the retail industry, in early May 2009.

The CPV, launched in 2004 is a biannual study of local shoppers’ and tourists’ perceived value towards local retail services. It aims to provide retailers with directions for further improvement in service standards and brand building activities. The latest survey was conducted between January and February 2009 with a total of 2,656 questionnaires completed by shoppers from Hong Kong, Mainland China and overseas countries. It reflects the shopping experience at over 300 retail outlets from seven major retail categories, namely, fashion, footwear, jewellery/watches, department stores, cosmetics, consumer electronics and telecommunications. In the latest CPV study, the financial situation of shoppers under the current financial tsunami and the corporate social responsibility (CSR) efforts of retailers were examined for the first time.

In this phase, the CPV Index improved from 97.0 in the last survey, to 98.4 in this survey. The improvement in CPV index was driven by high ratings given by Mainland customers who comprise 60% of visitors in 2008. However, this was offset by a drop in the overall satisfaction and perceived value of non-Mainland customers. This reflects the need for retailers to refocus, rethink and revise their sales and service strategies (e.g. target mix) to improve perceived value, strengthen brand image, and maintain a favourable impression of the Hong Kong retail industry.

In addition to satisfaction and perceived value, the study examines spending patterns and other hot topics such as sales promotions and corporate social responsibility (CSR).

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