, Hong Kong

Retail sales up 13.7% YoY to $32.4b in August

The sector will continue to benefit from the growth of inbound tourism.

The provisionally estimated total retail sales value in Hong Kong increased by 13.7% year-on-year (YoY) in August to reach $32.4b on the back of further growth in visitor arrivals, according to a government spokesman.

In a statement, the Census and Statistics Department said online sales comprised 7.3% of the total retail sales during the period, declining by 9% YoY to $2.4b.

The value of sales of jewellery, watches and clocks, and valuable gifts posted the highest increase with a 57.2% growth, followed by the sales of other consumer goods not elsewhere classified (+23.4%); wearing apparel (+40.0%); commodities in department stores (+14.9%); medicines and cosmetics (+42.9%).

Footwear, allied products and other clothing accessories rose by 24.2%; books, newspapers, stationery and gifts grew by 10.2%; Chinese drugs and herbs were up by 32%; and optical shops by 22.4%.

ALSO READ: Retail sales to grow 17% YoY in 2023 – PwC

Meanwhile, the value of sales of commodities in supermarkets declined by 3% YoY, followed by the sales of food, alcoholic drinks and tobacco which was down by 1.4%; electrical goods and other consumer durable goods not elsewhere classified by 15.9%; motor vehicles and parts by 5.8%; fuels by 15.5%; and furniture and fixtures by 15.1%.

A government spokesman said Hong Kong’s retail sector would still benefit from the recovery of inbound tourism in the short term.

The department also reported that the revised total retail sales value in July increased by 16.7% YoY.

Meanwhile, the provisionally estimated total retail sales from January to August 2023 rose by 19.3%.

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