The Hong Kong New Normal Tracking Study measures changes in consumer...
2021-09-06 3 ENGLISH REPORTS
In terms of their basic characteristics, the interviewed MSEs were concentrated in the eastern and central regions, and the majority of sampled MSEs were in the business of providing services to residents living in the vicinity. More than 70% of business owners were born between 1980 and 1999, and nearly 80% had a high school degree or above. 50.8% had a quarterly revenue of less than 25,000 yuan, 27.5% had a negative net margin, and 18.9% were at the break-even level. The MSEs surveyed primarily generated revenue ofine. Among the OSOME sample, 53.5% are completely dependent on ofine revenue, and out of the remaining sample, 37.3% report the value of online revenue as less than half of the total revenue.
Recovery and performance Operation and state of recovery In the frst quarter of 2021, the average turnover of MSEs was 109,000 yuan, which is on par with the two preceding quarters (105,000 yuan and 124,000 yuan in the third and fourth quarters of 2020, respectively). Around half (50.8%) of MSEs had a turnover of less than 25,000 yuan, highlighting small-scale businesses’ distinctively subsistence-level nature. The average net margin in this quarter was 2.3%, which lies in between the observation from the two previous quarters (2020 Q3: 2.5% and 2020 Q4: 1.5%, respectively).However, it is worth noting that the operation of MSEs has dropped slightly relative to the same preCOVID-19 period in 2019: the recovery rate has decreased from 33.9% and 34.8% in the last two quarters of 2020 to 32.5%, likely due to the emergence of recent new COVID-19 cases in China.
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