HK retail sales surge by 5.8% in October 2023

Hong Kong’s retail sales have continued to rise with a 5.6% increase this October compared to a year ago, due to the continued recovery of inbound tourism. 

According to the latest figures released by the Census and Statistics Department (C&SD), the value of total retail sales in October 2023, provisionally estimated at HK$33.8 billion, increased by 5.6% compared with the same month in 2022.  

Of the total retail sales value in October 2023, online sales accounted for 11.0%. The value of online retail sales in that month, provisionally estimated at HK$3.7 billion, increased by 8.4% compared with the same month in 2022.  

Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing October 2023 with a year ago, the value of sales of jewellery, watches and clocks, and valuable gifts increased by 27.4%.  

This was followed by sales of other consumer goods not elsewhere classified (+24.8% in value); food, alcoholic drinks and tobacco (+1.3%); wearing apparel (+29.9%); commodities in department stores (+1.0%); medicines and cosmetics (+23.5%); books, newspapers, stationery and gifts (+1.8%); and footwear, allied products and other clothing accessories (+2.5%). 
  
On the other hand, the value of sales of electrical goods and other consumer durable goods not elsewhere classified decreased by 12.5% in October 2023 over a year earlier. This was followed by sales of commodities in supermarkets (-5.8% in value); motor vehicles and parts (-4.8%); fuels (-17.3%); furniture and fixtures (-24.8%); Chinese drugs and herbs (-2.0%); and optical shops (-0.1%). 
  
However, the provisional estimate of the value of total retail sales decreased by 3% in the three months ending October 2023 compared with the preceding three-month period, while the provisional estimate of the volume of total retail sales decreased by 3.4%. 
  
A government spokesman said that the value of total retail sales increased further in October over a year earlier alongside the continued revival of inbound tourism. 

Looking ahead, the spokesman added that an expected further recovery of visitor arrivals should benefit the retail sector. Continued improvement in household income and various activities that bolster the economy including the "Night Vibes Hong Kong" should also provide support.  

Don't miss: HK retail sales up 13% in September

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 September, Hong Kong’s retail sales have surged by 13% compared with the same month in 2022, due to a continued revival of inbound tourism and private consumption. 

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