Only 1 in 10 bosses bullish on global growth: survey

About 79% cited changing consumer behaviour as the top threat to their businesses’ growth.

Only 12% of the Hong Kong executives surveyed are projecting global growth to improve in the next 12 months, according to PwC’s annual CEO survey. This shows contrasting results compared to 84% in Mainland China and is slightly lower than 22% globally.

About 79% cited changing consumer behaviour as the top threat to their businesses’ growth, followed by availability of key skills to respond to crisis at 76% and cyber threats at 71%.

In line with this, only 29% of Hong Kong respondents stated that they are “very confident” that their revenue will increase over the next three years. However, they showed more optimism as 44% perceive that their current financial performance will outperform their competitors.

As for their strategic goals, 15% stated that they allocate resources strategically, but fewer (9%) stated that they pursue new opportunities that emerge.

Right now, 65% say that they are focussing on launching a new product or service, whilst 71% are generating operational efficiencies to fuel growth. Around 47% of Hong Kong CEOs are also looking to create more external growth strategies such as forming new joint ventures and 44% of the respondents are aiming to expand to new markets.

Almost three-fourths (74%) said that Mainland China is still important for their growth prospects, whilst Singapore (24%) and the US (21%) followed. Meanwhile, 76% of Hong Kong executives stated that they aims to expand their market or customer base for existing products or services.