Provisional retail sales up 7.8% YoY in December 2023

For the whole year, Hong Kong saw a 16.2% increase in retail sales value.

The provisionally estimated retail sales rose by 7.8% year-on-year in December 20203 to reach $36.3b, with total retail sales volume increasing by 4.8% after netting out the effects of price changes, data from the Census and Statistics Department showed.

Online retail sales declined by 29.7% YoY to $2.8b, accounting for 7.8% of the total retail sales.

Per sector, in descending order of estimated sales value, jewellery, watches and clocks, and valuable gifts saw a 50.1% growth, followed by the sales of consumer goods not elsewhere classified (23% increase), wearing apparel (19.3%), commodities in department stores (4.6%), medicines and cosmetics (+32.7%), and motor vehicles and parts (3.5%).

Value of sales of footwear, allied products and other clothing accessories also increased by 13.2%, furniture and fixtures by 3.1%, books, newspapers, stationery and gifts by 18.1%, and optical shops by 11.5%.

Meanwhile, the value of sales in commodities in supermarkets declined by 6.3%, followed by electrical goods and other consumer durable goods not elsewhere classified which fell by 27.9%, food, alcoholic drinks and tobacco by 1.6%, fuels by 12%, and Chinese drugs and herbs by 5.5%.

For the whole of 2023, the value of retail sales was up by 16.2% YoY, estimated at $406.7b, with the volume rising 13.8%.

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A government spokesman said that visitor arrivals are expected to increase alongside the recovery of handling capacity, noting that household income is also increasing which “bodes well for local consumption.”

“These factors, coupled with the Government's efforts to promote mega events and launch various activities including ‘Day x Night Vibes @ 18 Districts’, should provide support to retail businesses,” the spokesman said.