Development of two consumer satisfaction and confidence indexes
By Dr. Geoffrey TSO
Department of Management Sciences
City University of Hong Kong
We shall cover the development of two consumer indexes with local impacts in Hong Kong. The Hong Kong Consumer Satisfaction Index (HKCSI) is a leading performance indicator for HK businesses, measuring the satisfaction level of consumers towards the quality of most goods and services that are purchased in HK. CityU’s Department of Management Sciences established it in year 1997, which covers 68 goods and services grouped into six “daily life” categories. It allows for direct comparisons of consumer satisfaction levels with different products through a statistical modeling methodology. This project was conducted annually until 2010.
How is the economy performing from the point of view of HK's citizens? Are HK citizens satisfied with their standard of living, and do they think it will go up, or down? The Hong Kong Consumer Confidence Index (HKCCI) collect economic data through quarterly surveys that aim to gauge consumer confidence toward six economic aspects of General Economy, Employment, Price Level, Living Standard, Real Estate Market, and Timing for Stock Investment. It track changes in consumers’ confidence, serve as a yardstick for performance in different markets, and show patterns of strong or weak confidence across consumers with different demographic backgrounds. It is also part of the Chinese Consumer Confidence Index, which allows us to compare the trends in consumer confidence for people living in Mainland China, Hong Kong, Taiwan and Macau.
Dr. Geoffrey Tso obtained his PhD in Biostatistics from the University of Toronto in 1988, and joined this institution at the same year. He has participated to develop three applied index projects before, namely HK Consumer Confidence Index (CCI); Hong Kong Consumer Satisfaction Index (HKCSI); and CityU-CanCham Hong Kong Sustainable Development Index. The results of these indexes were widely covered in mass media in HK, mainland, Taiwan and Macao. His most recent project is on developing the CityU-Vitargent Product Safety Index. He is currently the Associate Head of the MS Department and the Director of the Statistical Consulting Unit, housed in the MS Department. He served as consultant and project leader in over 200 market research studies and sampling surveys commissioned by HK Government, local transport operators, financial institution, other public and private organizations before. He published in Energy, Social Indicators Research, Communications in Statistics – Simulation and Computation, Advances in Economics and Business, and Electronic Markets in the past few years.
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