Hong Kong retail sales up 7.8% in December 2023

Hong Kong's total retail sales in December 2023 have surged by 7.8% compared to a year ago. Overall, the value of total retail sales in 2023 has increased by 16.2%. 

According to the latest figures released by the Census and Statistics Department (C&SD), the value of total retail sales in December 2023, provisionally estimated at HK$36.3 billion, increased by 7.8% compared with the same month in 2022.

Of the total retail sales value in December 2023, online sales accounted for 7.8%. The value of online retail sales in that month, provisionally estimated at HK$2.8 billion, decreased by 29.7% 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 December 2023 with a year ago, the value of sales of jewellery, watches and clocks, and valuable gifts increased by 50.1%.

This was followed by sales of other consumer goods not elsewhere classified (+23% in value); wearing apparel (+19.3%); commodities in department stores (+4.6%); medicines and cosmetics (+32.7%); motor vehicles and parts (+3.5%); footwear, allied products and other clothing accessories (+13.2%); furniture and fixtures (+3.1%); books, newspapers, stationery and gifts (+18.1%); and optical shops (+11.5%).

On the other hand, the value of sales of commodities in supermarkets decreased by 6.3% in December 2023 over a year earlier. This was followed by sales of electrical goods and other consumer durable goods not elsewhere classified (-27.9% in value); food, alcoholic drinks and tobacco (-1.6%); fuels (-12%); and Chinese drugs and herbs (-5.5%).

However, the provisional estimate of the value of total retail sales decreased by 3.3% in the fourth quarter of 2023 compared with the preceding quarter, while the provisional estimate of the volume of total retail sales decreased by 3.6%.

For 2023 as a whole, the value of total retail sales was provisionally estimated at $406.7 billion, increased by 16.2% in value and 13.8% in volume over 2022. The value of online retail sales was provisionally estimated at $32.5 billion, decreased by 5.9% over 2022.

Looking ahead, a government spokesman said that visitor arrivals should increase further alongside the continued recovery of handling capacity. 

“Rising household income also bodes well for local consumption. These factors, coupled with the government's efforts to promote mega events and launch various activities including 'Day x Night Vibes @ 18 Districts', should provide support to retail businesses,” the spokesman added. 

Don't miss: HK retail sales surge by 15.9% in November 2023

Since January last year, local retail sales have continued to improve as Hong Kong moved towards recovery by opening its borders to the world. In November last year, Hong Kong’s retail sales rose 15.9% compared with the same month in 2022, due to a continued revival of inbound tourism and private consumption.

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