Hong Kong retail sales decline by 7% YoY in 10M 2024

However, mainland visitors were key drivers of retail sales, accounting for 12% in 2023-6M24.

Hong Kong’s retail sales declined 7% year-on-year (YoY) to $312b in the 10 months ended in 2024, according to the Census and Statistics Department.

Sales at the department and valuable gifts stores were hit the hardest with 15% and 16% YoY declines, respectively, whilst sales of nondiscretionary trades at supermarkets were the most resilient with just a 2% dip.

Meanwhile, visitors continued to rebound with Hong Kong receiving 36.2 million visitors in 10M24, a 37% YOY increase.

On a 12-month basis, 43.9 million visitors visited HK between Nov 2023 and Oct 2024. Mainland visitors accounted for 77% of total arrivals and are a key driver of retail sales, accounting for 22-29% in 2014-19 and 12% in 2023-6M24.