Sales rose 12% to $37.8b.
Hong Kong’s retail sector is showing no signs of slowing down after total retail sales rose 12% YoY to $37.8b in June, according to the Census & Statistics Department.
“Retail sales value sustained double-digit growth over a year earlier in June, as local consumer sentiment stayed favourable amidst a tight labour market whilst visitor arrivals continued to record solid growth,” a government spokesperson said in a statement.
Sales of jewellery, watches, clocks and valuable gifts maintained their lead in the retail sector’s recovery after surging 27.8% in June.
Medicines and cosmetics also paint a rosy glow in the sector after sales rose 18.3% followed by commodities in department stores (15%) and fuels (13.9%).
Sales of footwear, allied products and other clothing accessories; Chinese drug and herbs; furniture and fixtures; and optical shops also grew 11.4%, 10.3%, 8.9%, 6.9% respectively.
Stronger sales buoyed rents for street shops in core locations to register their first positive rental growth at 0.6% YoY in the first half of 2018, according to real estate consultant CBRE.
After a protracted three year slump, Hong Kong’s retail sector is accelerating into a full fledged recovery with accounting firm PwC estimating full year sales to hit a record $484b in 2018 and $494b by 2020.
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