Retail sales value fall 9.7% YoY to $29.9b in June

The government attributed the decline to changing consumption patterns.

The total retail sales value hit $29.9b in June 2024, a 9.7% drop from the same month in 2023.   

Of the total sales value, 7.8% or $2.3b was from online sales. Compared to June 2023, the online retail sales value fell 11.2% YoY.

Amongst retail outlets, "jewellery, watches and clocks, and valuable gifts" recorded the steepest decline, with sales falling 23.1% YoY.   

Other retail outlet types which recorded value decreases include other consumer goods not elsewhere classified (-1.2%); commodities in supermarkets (-0.5%); wearing apparel (-13.2%); food, alcoholic drinks and tobacco (-5.7%); electrical goods and other consumer durable goods not elsewhere classified (-4.7%); commodities in department stores (-18.6%); motor vehicles and parts (-25.1%); fuels (-12.3%); furniture and fixtures (-9.8%); footwear, allied products and other clothing accessories (-9.1%); Chinese drugs and herbs (-2.8%); and optical shops (-13.9%).

On the other hand, the value of sales of medicines and cosmetics and books, newspapers, stationery and gifts rose 3.4% YoY and 0.1% YoY, respectively.

The Census & Statistics Department (C&SD), citing a government spokesperson, said retail sales declined “amidst the changing consumption patterns of visitors and residents and the strong Hong Kong dollar.”