Retail sales value fall to $29.6b in September

Most retail outlet types recorded a sales decline.

The total retail sales value hit $29.6b in September 2024, a 6.9% drop from the same month in 2023.   

Of the total sales value, 10.4% or $3.1b was from online sales. Compared to September 2023, the online retail sales value fell 11.8%.

Amongst retail outlets, "motor vehicles and parts" recorded the steepest decline, with sales falling 26.7% YoY.   

Other retail outlet types which recorded value decreases include jewellery, watches and clocks, and valuable gifts (-17.9%); electrical goods and other consumer durable goods not elsewhere classified (-7.6%); food, alcoholic drinks and tobacco (-3.2%); wearing apparel (-8.7%); medicines and cosmetics (-2.5%); commodities in department stores (-11.4%); fuels (-8.6%); furniture and fixtures (-14.4%); footwear, allied products and other clothing accessories (-3.8%); Chinese drugs and herbs (-17.7%); and optical shops (-10.6%).

On the other hand, the value of "other consumer goods not elsewhere classified" and "books, newspapers, stationery, and gifts" rose  2.9% YoY and 20.3% YoY, respectively.

The Census & Statistics Department (C&SD), citing a government spokesperson, said the retail sector will still be “affected by the change in consumption patterns of residents and visitors.”

“Nevertheless, an improved outlook for the Mainland economy following the recent introduction of a wide range of stimulus measures, and a possible easing of the Hong Kong dollar alongside the US dollar with the commencement of the US interest rate cut, will be conducive to boosting sentiment and supporting spending,” C&SD said.