,Hong Kong

Retail sales growth slows down in July

Sales rose 2.9% during the month, a drop compared to 5.8% in June.

The total retail sales climbed by 2.9% year-on-year to $27.2b in July, the Census and Statistics Department (C&SD) reported.

This comes after a 5.8% increase recorded in June. For the first seven months of the year, the total value of retail sales grew by 7.6% compared to the same period in 2020.

“Retail sales continued to increase in July over a year earlier as the local epidemic remained stable and labour market situations improved further, although the growth pace moderated somewhat as compared to the preceding month,” a government spokesman said.

Of the total sales, online sales accounted for 7.5% with a value of $2.1b. This is higher by 29% when compared to July 2020. For the first seven months, online retail sales increased by 50.6%.

Netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales increased by 0.9% compared with July 2020. To date, the provisional estimate of the total retail sales increased by 6.2% in volume.

“The electronic consumption vouchers that the government began to disburse in August have helped stimulate consumption sentiment and will render support to the retail business in the rest of the year,” the spokesman also said.

“Yet, it is essential for the community to keep the epidemic under control and strive towards more widespread vaccination, so as to strengthen the foundation for the continued recovery of the retail sector and the overall economy.”

Moreover, C&SD reported the value of sales of jewellery, watches and clocks, and valuable gifts increased by 27.1%.

This was followed by sales of other consumer goods, not elsewhere classified (+15.8% in value); wearing apparel (+30.7%); medicines and cosmetics (+0.5%); motor vehicles and parts (+25.0%); fuels (+12.8%); furniture and fixtures (+0.6%); books, newspapers, stationery, and gifts (+9.8%); footwear, allied products, and other clothing accessories (+30.5%); and optical shops (+8.9%).

Meanwhile, the sales of commodities in supermarkets (-19.4%), commodities in department stores (-9.6% in value); food, alcoholic drinks, and tobacco (-5.7%); and electrical goods and other consumer durable goods, not elsewhere classified (-2.5%) amongst others declined.

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

These five countries have Omricon cases.
The initiatives include accelerating net-zero electricity generation.
InnoClub will provide solutions in three focus areas.
The airline’s cargo yield is also expected to be 2% higher h-o-h in 2H21.
The country received a 9.23 score out of 10.
HK costs are the 9th most expensive in the Asia Pacific.
Employees with digital transformation-related jobs are most likely to benefit.
A government spokesman attributed the increase to entrenched economic recovery.
Carousell said 85% of its HK users have made secondhand purchases in the past.
Expansion plans were greatly expressed by companies from the industrial goods sector.
Winners were recognised via digital presentations held on the 24ᵗʰ and 25ᵗʰ of November.
The Gaw Capital Partners-led consortium will use the loan for the acquisition of office buildings.
The report said about 10.4% of locals are planning to own NFTs in the future.