, Hong Kong

Hong Kong retail sales likely to reach $370b in 2022

This reflected a 5% year-on-year growth.

Retail sales in Hong Kong are expected to rise by 5% to $370b in 2022, should the city partially reopen in the last two months of the year, the PwC projected.

Total retail sales dropped by 2.9% in the first five months of the year despite an 11.7% growth seen in April

During this period, supermarkets led with a 4% rise in sales, linked to the higher than usual shopping levels of Hong Kong shoppers staying at home; whilst clothing and footwear dropped the largest due to social distancing measures in February and march. 

“Due to the ongoing pandemic and travel restrictions, as well as other macro factors, the retail market in Hong Kong was still not able to bounce back early this year,” Michael Cheng, PwC Asia Pacific, Mainland China,, and Hong Kong Consumer Markets Leader, said. 

"While a full-scale border re-opening is unlikely to happen in the short-term, it is possible that Hong Kong’s quarantine rules for incoming travellers could be further relaxed.”

Read more: Weaker retail sales to put pressure on HK shop rentals: report

Cheng said local consumption will remain the key focus as the Hong Kong government readies to roll out the second phase of the consumption voucher distribution scheme. 

“Hopefully the retail industry can gain strong support from the new Chief Executive and his governing team to promote recovery and long-term development,” he said. 

The retail industry could also get a boost from the 89.1% vaccination rate seen in mid-July, the two major sports event in November that could invite more tourists in the city. 

 

Follow the link for more news on

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!