HK retail sales surge by 15.9% in November 2023

Hong Kong’s total retail sales in November 2023 have surged by 15.9% compared with a year ago due to the revival of inbound tourism.

According to the latest figures released by the the Census and Statistics Department (C&SD), the value of total retail sales in November 2023 is provisionally estimated at HK$34.2 billion, increased by 15.9% compared with the same month in 2022. 

Of the total retail sales value in November 2023, online sales accounted for 9.3%. The value of online retail sales in that month is provisionally estimated at HK$3.2 billion, decreased by 16.1% compared with the same month in 2022. 

Analysed by a broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing November 2023 with a year ago, the value of sales of electrical goods and other consumer durable goods not elsewhere classified increased by 0.8%.  

This was followed by sales of jewellery, watches and clocks, and valuable gifts (+60.8% in value); other consumer goods not elsewhere classified (+29%); wearing apparel (+54.1%); commodities in department stores (+15.0%); food, alcoholic drinks and tobacco (+6.3%); medicines and cosmetics (+38.7%); footwear, allied products and other clothing accessories (+24.4%); Chinese drugs and herbs (+33.7%); books, newspapers, stationery and gifts (+11.1%); and optical shops (+17.8%). 

On the other hand, the value of sales of commodities in supermarkets decreased by 5% in November 2023 over a year earlier. This was followed by sales of motor vehicles and parts (-22.9% in value); fuels (-12.8%); and furniture and fixtures (-13.1%). 

However, the provisional estimate of the value of total retail sales decreased by 2.9% in the three months ending November 2023 compared with the preceding three-month period, while the provisional estimate of the volume of total retail sales decreased by 3.2%. 

A government spokesperson said that the value of total retail sales increased visibly in November compared to last year due to the revival of inbound tourism. 

Looking ahead, the spokesman added that an expected further recovery of inbound tourism should continue to benefit the retail sector. Continued improvement in household income, as well as various promotional campaigns and activities launched by the government and the industry should also provide support.

Don't miss: HK retail sales surge by 5.8% in October 2023

Since January this year, local retail sales have continued to improve as Hong Kong moved towards recovery by opening its borders to the world. In October, Hong Kong’s retail sales rose 5.8% compared with the same month in 2022, due to a continued revival of inbound tourism and private consumption. 

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