HK retail sales up 16.5% in July

Hong Kong’s retail sales in July this year have surged by 16.5% compared with the same month in 2022, because of the increase in visitor arrivals and positive consumption sentiment.

According to the latest figures released by the Census and Statistics Department (C&SD), the value of total retail sales in July 2023, is provisionally estimated at HK$33 billion.

For the first seven months of 2023 taken together, it was provisionally estimated that the value of total retail sales increased by 20.1% compared with the same period in 2022.

Meanwhile, online sales accounted for 6.8% out of the total retail sales in July, whereas the value of online retail sales in that month, provisionally estimated at HK$2.3 billion, increased by 1.4% compared with the same month in 2022.

For the first seven months of 2023 taken together, it was provisionally estimated that the value of online retail sales decreased by 5.1% compared with the same period in 2022.

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Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing July 2023 with July 2022, the value of sales of jewellery, watches and clocks, and valuable gifts increased by 19.8%.

This was followed by sales of other consumer goods not elsewhere classified (+22.7% in value); wearing apparel (+34.3%); commodities in department stores (+25.6%); food, alcoholic drinks and tobacco (+3.1%); electrical goods and other consumer durable goods not elsewhere classified (+6.0%); medicines and cosmetics (+45.7%); motor vehicles and parts (+10.0%); furniture and fixtures (+2.7%); footwear, allied products and other clothing accessories (+44.9%); books, newspapers, stationery and gifts (+43.2%); Chinese drugs and herbs (+45.5%); and optical shops (+36.2%).

On the other hand, the value of sales of commodities in supermarkets decreased by less than 0.05% in July 2023 over a year earlier. This was followed by sales of fuels (-20.3% in value).

The government spokesman said that the revival in inbound tourism should continue to benefit the retail sector in the coming months. Improved labour market conditions and the government's various measures to support consumption should also help.

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