Retail sales down 3.5% YoY in March

It is 4.8% lower after adjusting for price changes.

Hong Kong’s retail sales in March dipped by 3.5% year-on-year to $30.1b, according to the Census and Statistics Department.

After netting out the effect of price changes, the provisional estimate of retail sales for the month was 4.8% lower.

Online sales accounted for 8.1%. Provisionally estimated at $2.4b, the value of online retail sales decreased by 0.5% YoY.

Additionally, the value of jewellery, watches, clocks, and valuable gift sales decreased by 3.9% YoY during the period.

There were also declines in wearing apparel (-10.8%); department store commodities (-5%); motor vehicles and parts (-46.4%); fuels (-3.9%); and footwear (-7.7%).

Moreover, Chinese drugs and herbs (-1.0%); books, newspapers, stationery and gifts (-0.9%); furniture and fixtures (-17.3%); and optical shops (-2.7%) also logged decreases in sales value.

In contrast, sales of other consumer goods increased by 0.6% for the period. Also up were sales of supermarket commodities (+5.2%); medicines and cosmetics (+1.2%); food, alcoholic drinks and tobacco (+7.8%); and electrical goods (+6.7%).