Hong Kong retail sales up 0.9% in January 2024

Hong Kong's retail sales in January have grown by 0.9% compared to the previous year, reaching HK$36.5bn. The value of total retail sales increased at a moderated pace due in part to the different timing of the Lunar New Year. 

According to the latest figures released by the Census and Statistics Department (C&SD), online sales of the total retail sales accounted for 6.5% in January 2024, reaching a total of HK$2.4bn, which decreased by 20.9% compared with the same month in 2023. 

Analysed by broad type of retail outlets in descending order of the provisional estimate of the value of sales and comparing January 2024 with a year ago, the value of sales of jewellery, watches and clocks, and valuable gifts increased by 25.2%.  

This was followed by sales of other consumer goods not elsewhere classified (+7.4% in value); wearing apparel (+5.2%); medicines and cosmetics (+25.2%); motor vehicles and parts (+23.7%); furniture and fixtures (+20.5%); books, newspapers, stationery and gifts (+27.8%); and optical shops (+0.7%).

On the other hand, the value of sales of commodities in supermarkets decreased by 9.3% in January 2024 over a year earlier. This was followed by sales of food, alcoholic drinks and tobacco (-8.0% in value); electrical goods and other consumer durable goods not elsewhere classified (-26.2%); commodities in department stores (-9.2%); fuels (-14.5%); footwear, allied products and other clothing accessories (-8.2%); and Chinese drugs and herbs (-20.1%).

Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales decreased by 3.2% in the three months ending January 2024 compared with the preceding three-month period, while the provisional estimate of the volume of total retail sales decreased by 3%.

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A government spokesman said that the value of total retail sales continued to increase in January over a year earlier, but at a moderated pace due in part to the different timing of the Lunar New Year.

"It would thus be more meaningful to examine the figures for January and February combined, when available, to assess the latest retail sales performance alongside other relevant factors." the spokesman added

Looking ahead, the spokesman added that a continued increase in visitor arrivals alongside further recovery of handling capacity and organisation of mega-events would bode well for retail businesses.

"Rising household income and the government's initiatives to boost consumption sentiment should also provide support. The government will continue to monitor the situation," the spokesman added.

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