Hong Kong – As Hong Kong transitions towards normalcy post-pandemic, the Consumer Council has released a report highlighting the rise in prices of essential items, particularly supermarket oil and breakfast food, which have seen an increase of over 10%. This development comes amidst concerns over the impact of rising costs on the wallets of thrifty consumers.
The annual supermarket price survey conducted by the Consumer Council revealed that the total average price of a basket of supermarket goods rose by 1.9% in 2020 during the initial stages of the COVID-19 pandemic. This was driven by the surge in demand for goods like toilet paper, food supplies, and pandemic-related materials. However, despite the total average price of the basket falling by 1.9% the following year, the downward adjustment was not enough to offset the previous increase.
The latest survey results indicate that the total average price of supermarket goods has resumed its upward trend, rising by 2.1% in the past year. Out of the 54 groups of goods analyzed, the average price of 42 groups increased, with four groups seeing an increase of 10% or more. These include butter, tea bags, cheese, and cooking oil.
The survey covered 260 items, with the number of products included increasing from the previous 230. The investigation encompassed the price data of products sold by three major chain supermarkets in Hong Kong, including AEON, ParknShop, and Wellcome, as well as their affiliated brands, between 2021 and 2022. The data were sourced from scan data, which are the actual prices customers pay for the goods recorded by the supermarkets’ barcode scanning systems.
The survey, which was conducted independently by an international market research firm, included new product categories such as canned fruits, malt drinks, and baby food. The inclusion of these items was based on their popularity among consumers. The survey also saw the reclassification of certain product categories, such as the splitting of the Non-carbonated Drinks category into Tea/Herb Drinks and Coffee Drinks.
Despite the upward trend in prices, the Consumer Council advises consumers to be vigilant and adopt a smart shopping approach. With the cost of living continuing to rise, it is essential for consumers to be more mindful of their spending habits and seek out the best deals.
The Council suggests several strategies for consumers to manage their expenses:
- Comparison Shopping: Before making a purchase, consumers should compare prices from different supermarkets and online platforms to find the best deals.
- Buy in Bulk: Purchasing items in bulk can often lead to cost savings, especially for non-perishable goods.
- Use Discounts and Coupons: Consumers should take advantage of discounts, coupons, and promotions offered by supermarkets and other retailers.
- Plan Meals: Meal planning can help reduce food waste and lower grocery bills.
The Consumer Council also emphasized the importance of being aware of the quality and safety of the products purchased. Consumers should look for products that meet their quality standards and ensure that they are purchasing from reputable sources.
As the cost of living continues to rise, it is crucial for consumers to be informed and proactive in managing their finances. By adopting a smart shopping approach and being vigilant about their spending, consumers can navigate the challenges of rising prices and maintain their quality of life.
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