The retail sector in Hong Kong experienced a healthy growth in May, a trend that is anticipated to sustain, given the positive economic climate. Data from the Census and Statistics Department reveals a 7.9% year-on-year increase in retail sales, reaching HK$33.8 billion (US$4.3 billion) for the month of May. This extends the revised growth of 8.7% witnessed in April.
In the first five months of the year, retail sales showed an approximate increase of 10.6% compared to the same timeframe last year. When considering the effect of price changes over the same period, retail sales witnessed an improvement of 4.8% in May.
A government representative stated that majority of the retail categories demonstrated gains in May, continuing the growth observed in the retail sector. The highest growth was seen in valuable gifts with a rise of 25.8%. This was followed by electrical goods and other consumer durable goods with a 13% increase, optical shops at 10.3%, and department store commodities at 9.2%.
Meanwhile, other categories like apparel and footwear, cosmetics, and furniture experienced modest growth ranging between 3% and 5%.
However, not all categories thrived. Fuels, Chinese medicines and herbs saw a significant decline in sales by 12.2% and 9.5% respectively. Food, alcoholic beverages, and tobacco also experienced a slight dip of 0.3%.
Looking into the future, the government spokesperson is hopeful about the continued growth in the retail sector. The ongoing economic expansion, increasing local labour earnings, and a rise in inbound visitors are expected to keep benefiting retail businesses.
The government, in response, has pledged to keep a close watch on any potential impact of changing external uncertainties on the local consumption market.
What was the growth rate for retail sales in Hong Kong in May?
Retail sales in Hong Kong recorded a 7.9% year-on-year increase in May.
Which retail category observed the highest growth?
The highest growth was recorded in the category of valuable gifts, which saw a rise of 25.8%.
What are the government’s expectations for the future of the retail market?
The government anticipates continued growth in the retail market, backed by economic expansion, increasing local labour earnings, and a rise in inbound visitors.
