HK’s retail sales decrease by 7.3% YoY in 2024

Retail volume also decreased by 9%.

Hong Kong’s total retail sales were estimated at $376.8b, decreasing by 7.3% in value and 9% in volume year-on-year (YoY), according to the Census and Statistics Department.

Analysed by broad type of retail outlets in descending order of the provisional estimate of the value of sales, jewellery, watches and clocks, and valuable gifts sales led with a 14.5% decline.

This was followed by commodities in supermarkets (-1.5%); wearing apparel (-10.6%); food, alcoholic drinks and tobacco (-3.2%); electrical goods and other consumer durable goods (-11.3%); and commodities in department stores (-13.9%).

Moreover, motor vehicles and parts also decreased (-17.2%) with fuels (-11.4%); footwear, allied products (-7.5%); furniture and fixtures (-14.4%); Chinese drugs and herbs (-14.8%); and optical shops (-13.6%) following.

On the other hand, other consumer goods not elsewhere classified increased by 0.4% YoY. This was followed by medicines and cosmetics (+4.4% in value); and books, newspapers, stationery and gifts (+4.7%).

Further, the value of online retail sales was estimated at $31.7b, decreasing by 2.6% YoY.