Hong Kong’s retail sales dip 3.2% MoM in January

Online sales accounted for 6.9% of the month’s total retail sales value.

Hong Kong’s total retail sales for January, provisionally estimated at $35.3b, was 3.2% down month-on-month, according to the Census and Statistics Department.

After adjustments, the provisional estimate represents a 5.2% decrease, compared to the same month last year.

Online sales accounted for 6.9% of the month’s total retail sales value, rising 3.5% MoM.

Sales of other consumer goods not elsewhere classified increased by 6.6% YoY followed by sales of commodities in supermarkets (+4.9%), food, alcoholic drinks and tobacco (+10.9%), and clothing (+1.2%).

Additionally, medicines and cosmetics (+4.3%); commodities in department stores (+0.5%); and footwear, allied products and other clothing accessories (+7.1%) also grew YoY.

Meanwhile, the value of jewellery, watches, clocks and valuable gifts sales dropped by 17.9%.

Moreover, decreases were likewise seen in sales of electrical goods (-10.5%); fuels (- 4.3%); motor vehicles and parts (-52.6%); books, newspapers, stationery and gifts (-5.1%); furniture and fixtures (- 26.4%); Chinese drugs and herbs (-4.6%); and optical shops (-4.4%).

Looking ahead, the department said that the retail sector’s near-term performance will continue to be affected by changes in  visitors and residents’ consumption patterns.