Over half of Hong Kong SMEs remain optimistic amidst fifth wave: CPA Australia

Some 55% respondents expressed confidence that they can overcome the fifth wave.

Around 55% of small to medium-sized enterprises in Hong Kong remain confident that their businesses can overcome the fifth wave of COVID-19 outbreak, CPA Australia reported.

In a March survey, it was also found that 57% expect their revenue to largely remain the same as normal or even grow in the next three months.

"We are aware that many small businesses are suffering during the fifth wave of COVID-19, but they are also demonstrating resilience and adaptability during this period,” Janssen Chan, Chairperson of CPA Australia’s SME Committee, said.

"The pandemic is a major catalyst for transforming business models and consumer spending patterns. In Hong Kong, more consumers are purchasing online and using digital payments.

The survey also found that 42% believe that the relaxation of social distancing restrictions will have the most positive impact over the next three months.

This is followed by the rollout of the Employment Support Scheme and Consumption Voucher Scheme, as cited respectively by 18% and 12% of the respondents.

More than one-third, or 35%, have also said that business operations will be the most negatively impacted by the fifth wave, whilst 26% agreed it is cash flow.