HK retail sales drop 2.9% YOY in October

Hong Kong's retail sales have fallen for eight consecutive months, with a 2.9% decrease in October compared to the same month last year.

According to the latest figures released by the Census and Statistics Department, the value of the total retail sales in October 2024 was provisionally estimated at HK$32.9 billion. For the first 10 months of 2024 taken together, it was provisionally estimated that the value of total retail sales decreased by 7.1% compared with the same period in 2023.

The revised estimate of online retail sales in September 2024 decreased by 12.1% compared with a year earlier. For the first 10 months of 2024 taken together, it was provisionally estimated that the value of online retail sales decreased by 0.5% compared with the same period in 2023.

Of the total retail sales value in October 2024, online sales accounted for 12.3%. The value of online retail sales in that month, provisionally estimated at HK$4 billion, increased by 8.4% compared with the same month in 2023.

Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing October 2024 with October 2023, the value of sales of jewellery, watches and clocks, and valuable gifts decreased by 11.1%. 

This was followed by sales of commodities in supermarkets (-0.4% in value); wearing apparel (-9.8%); commodities in department stores (-9.2%); motor vehicles and parts (-27.5%); fuels (-9.6%); books, newspapers, stationery and gifts (-21%); footwear, allied products and other clothing accessories (-6.9%); Chinese drugs and herbs (-7%); furniture and fixtures (-18%); and optical shops (-10.2%).

On the other hand, the value of sales of electrical goods and other consumer durable goods not elsewhere classified increased by 17.1% in October 2024 over a year earlier. This was followed by sales of other consumer goods not elsewhere classified (+1% in value); food, alcoholic drinks and tobacco (+0.3%); and medicines and cosmetics (+3.9%).

A government spokesman said that the year-on-year decline of total retail sales value narrowed further in October. On a seasonally adjusted basis, the value of total retail sales continued to increase month-to-month.

Looking ahead, the spokesman said that the mainland’s recent introduction of various measures to boost the economy will help support consumption sentiment and economic activities in Hong Kong.

"The central government's various measures benefitting Hong Kong, including the resumption of the multiple-entry Individual Visit Scheme for permanent residents of Shenzhen and its extension to non-permanent residents of Shenzhen with residence permits, together with Hong Kong government's various initiatives to boost market sentiment, as well as increasing employment earnings, would be conducive to spending by both residents and visitors in the domestic market, though the change in their consumption patterns will continue to pose a constraint," the spokesperson added. 

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