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Themis Qi

Hong Kong retirees are facing living cost growth nearly three times the city’s average over the past five years, mainly driven by the strong demand for northbound travel, according to a new report.
The findings came from the first edition of the Hong Kong-Macau Retirement Expense Index, a gauge reflecting retiree inflation, conducted jointly by the Institute of Financial Planners of Hong Kong (IFPHK) and YF Life Trustees.
The index rose to 131.6 in 2026, up from 127 in 2023 and 100 in 2020, marking an annualised growth rate of over 5 per cent from November 2020 to May 2026, the institute and the insurer said in a statement on Thursday.
The figures from 2023 and 2020 were based on surveys done by IFPHK, which excluded Macau. Travel between Hong Kong and mainland China was restricted during Covid-19, and only opened fully after February 2023.
In comparison, Hong Kong’s composite consumer price index inched up only about 1.8 per cent per annum over the same period, according to official data.
“Following Covid, the frequency of retirees travelling abroad and commuting between (the city and) mainland China has increased significantly, leading to substantial growth in transport and accommodation expenses,” said IFPHK CEO Paris Yeung at a briefing on Thursday.

“Together with food prices and dining-out costs, these all constitute key components of retirees’ daily consumption,” Yeung said.
In June, 304 Hong Kong retirees were surveyed about their monthly spending. Aged from 55 to 74, they had a monthly personal income of at least HK$20,000 (US$2,551) before retirement and had not received means-tested social security or charitable support.
According to the data collected in 2020 and 2026, the gauge for travel costs surged by over 10 points over the six-year period, the highest among all items, followed by food, dining and cross-border transport. However, the city’s retirees spent less on housing, with the corresponding gauge decreasing by 7.9 points.
As a result, Hong Kong retirees’ monthly cost of living rose about 2.65 per cent to HK$15,090 on average this year from HK$14,700 in 2023.
Notably, the average spending of retirees in Macau amounted to 10,408 patacas (US$1,289) in this year’s survey, 33 per cent lower than in Hong Kong. The Macau findings were based on a separate survey conducted in June of 100 local retirees aged 55 to 74.
While Macau’s retirees also favoured northbound travel in recent years, Yeung said it was not appropriate to compare the two readings given the differences in cost of living and lifestyle habits between the two cities.
Meanwhile, unpredictable medical costs and inflation were the top two concerns in Hong Kong, according to 51 per cent and 41 per cent of surveyed retirees, respectively.
Worries about running out of savings ranked third, given that the retirement life of Hong Kong residents could last 20 to 30 years, said Yeung.
“The 2026 data clearly shows that while retirees desire active lifestyles, they are heavily squeezed by medical inflation and the fear of outliving their wealth,” said Alvin Tse, CEO of YF Life Trustees.
“To bridge this gap, retirees must shift away from viewing retirement savings as a static lump sum.”


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Travel costs surged by 10 points over the six-year period, the highest among all items, followed by food, dining and cross-border transport


Travel costs surged by 10 points over the six-year period, the highest among all items, followed by food, dining and cross-border transport.


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Hong Kong retirees’ living costs grow 3 times city’s average on more northbound travel

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Travel costs surged by 10 points over the six-year period, the highest among all items, followed by food, dining and cross-border transport

Travel costs surged by 10 points over the six-year period, the highest among all items, followed by food, dining and cross-border transport