Consumer Behaviour Analysis in Hong Kong - 5609 Words

CONSUMER DEMAND AN ECONOMETRIC IN HONG KONG ANALYSIS 1 E. R. LIM * Introduction The objectives of consumer demand analysis are first, to isolate a few major variables from the many and complex factors influencing consumer behaviour, and second, to verify empirically that this relatively small number of parameters gives a reasonable explanation of a wide range of observations on consumer behaviour. The quantitative knowledge thus obtained is necessary for the study of economic development and for the formulation of economic policy. In addition they are a necessary input to the evolution of consumer theory. The data for the present study come from the household expenditure survey conducted by the Hong Kong Department of Commerce†¦show more content†¦It is also important to note that what we are measuring here is the long-run If the $200 household were to double its income overnight, its relationship. consumption behaviour might well be completely different from the household which has been receiving $400 income for a long period of time. Our estimates, therefore, concern the long-run adjustment of consumption behaviour to income change. For these reasons, the consumption-income relationship based on cross sectional data may well be very different from the relationship based on time-series data, which probably include a relatively larger element short-run adjustment. 1 The term â€Å"income† a later section. is used in the broad sense and the exact definition will be dealt with in 28 HONG KONG ECONOMIC PAPERS Reported Income vs. Total Expenditure Since we are attempting to measure the long-run relationship between the major items of consumption and income, it is particularly important as to what measure of income we are using. There are many reasons to suspect that actual income is not a proper explanatory variable for consumption. The main reason is that it usually contains a large transitory component which is irrelevant to the consumption decision, particularly if the interest is on the long-run relationship. While it is generally agreed that actual income is not a good explanatory variable, there is little agreement as what should replace it. The permanent incomeShow MoreRelatedAnalysis of the Marketing News Story1036 Words   |  5 PagesAn article published on 18 May 2012 on Financial Time, ‘Facebook shares already a marketing incentive’, was talking about one Hong Kong-based brokerage company –‘8 Securities’ making use of the hype surrounding of Fa cebook’s initial public offering, to create values to customers. It also described how this promising company expanded its brand awareness with zero-sum of advertising investment by giving out US$200 of Facebook shares to customers who opened an account with them. 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