Owning a home is getting harder than ever around here, what with the sky-high prices. That's why when we do get our hands on one, furnishing it to the highest possible standard is a top priority. To mark the third annual Hong Kong Smart Buy Weeks at the HomeSquare mall in Sha Tin, Sun Hung Kai Properties commissioned Chinese University of Hong Kong marketing professor Leo Sin Yat-ming to conduct a monthlong survey on home product purchases.
After quizzing 526 people aged 21 to 50 between June 1 and July 1, Sin predicts optimistic growth in the home product market in the second half of the year.
"As home prices will stay high, new home buying may not be very active, which means leasing and renovation will drive the home product market," Sin said.
Hong Kong home prices have risen about 8 percent since the beginning of the year. And since early 2009, prices have gained a jaw-dropping 80 percent.
The survey found almost 70 percent of respondents plan to buy new furniture within a year, with about four-fifths citing reasons such as livening up their homes, replacing broken old furniture or fine-tuning decor. More than 80 percent said they would choose brand- name stores such as Ikea.
Despite inflationary pressure, consumers are still willing to spend big on home products. More than 30 percent said they had purchased furniture, electrical appliances and home accessories in the previous year for more than HK$50,000.
More than 90 percent also said they would rank quality and brand reputation before prices.
The survey also showed that married couples account for the main purchasing power in the home product market and it is usually women who have the final say.
Tony Budhrani, assistant general manager for retail leasing at Sun Hung Kai, said that on the first day of last year's Smart Buy Weeks, more than 1,000 shoppers queued overnight to scramble for the limited discounts.
The 29-day event drew more than 60,000 shopper visits and realized a turnover of more than HK$90 million. This year's event takes place between July 22 and August 26, and Budhrani expects it will further spur the market, with shopper visits exceeding 80,000 and turnover hitting HK$100 million.
Also, the first 200 shoppers to queue up on the first day will be in for a real treat - as HomeSquare will offer them free coffee from Pacific Coffee.
Already housing more than 100 shops, HomeSquare will bring in 10 new brands for the event, including Casablanca Home, Colour@Life, Dat's Wine and Francfranc. Newcomer Francfranc will set up a Japanese-style living booth, showing 53 furniture items including cushion covers, sofas, carpets and chairs - all at a whopping 90 percent off.
This year, Ikea will host the Hot Picks Booth, offering 58 exclusive discount products.
Mind-blowing discounts include a HK$100 double-bed mattress, a HK$198 double-seat sofa and a HK$100 computer desk.
