Hong Kong retail sales slightly increase in September

Hong Kong’s retail sales have edged up slightly by 0.2% in September compared with the same month in 2021 due to the notable increase in sales of electrical goods and other consumer durable goods.

According to the latest figures released by the Census and Statistics Department, the revised estimate of the value of total retail sales in August this year edged down by 0.2% compared with a year earlier.

For the first nine months of 2022 taken together, it was provisionally estimated that the value of total retail sales decreased by 1.3% compared with the same period in 2021. 
 
In terms of the total retail sales value in September this year, online sales accounted for 10.2%. The value of online retail sales in that month, provisionally estimated at $2.9 billion, increased by 27.5% compared with the same month in 2021.

The revised estimate of online retail sales in August this year increased by 21.6% compared with a year earlier. For the first nine months of 2022 taken together, it was provisionally estimated that the value of online retail sales increased by 22.4% compared with the same period in 2021.

On the other hand, the value of sales of commodities in supermarkets decreased by 1.6% in September 2022 over a year earlier. This was followed by sales of food, alcoholic drinks and tobacco (-9.5% in value); other consumer goods not elsewhere classified (-2.1%); commodities in department stores (-17.6%); wearing apparel (-7.5%); furniture and fixtures (-7.5%); footwear, allied products and other clothing accessories (-5.4%); Chinese drugs and herbs (-3.3%); and optical shops (-3.5%).

A government spokesman said that the value of retail sales reverted to a modest year-on-year growth in September, due to the notable increase in sales of electrical goods and other consumer durable goods. For the third quarter as a whole, retail sales value increased further by 1.3% year-on-year.

Looking ahead, the spokesman pointed out that the generally stable local epidemic situation, improved labour market conditions and the Consumption Voucher Scheme will continue to support consumption demand in the near term. However, tightened financial conditions will increasingly offset the positive effects.

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