In December, retail sales in Hong Kong rose by 6.6% compared to the previous year, marking the eighth consecutive month of growth. This trend indicates a steady economic recovery in the region, according to recent government data.
This increase amounted to a total of HK$35 billion (US$4.48 billion) in retail sales. In November, there was a similar rise in retail sales, with a 6.5% year-on-year increase.
In terms of volume, December’s retail sales saw a 5.1% increase from the previous year, showing a slight acceleration compared to the 4.4% rise witnessed in November.
Looking forward, the value of total retail sales in 2025 is projected to rise by 1% from the previous year. Meanwhile, the volume is expected to remain at a similar level as compared to 2024.
A government spokesperson highlighted the positive local consumption sentiment, backed by robust economic growth momentum. Coupled with the continued surge in inbound visitors, this is expected to support the retail businesses in the region.
Tourist arrivals in December saw a significant upturn, with 4.65 million visitors, a 9.2% increase from the previous year, according to data from the Hong Kong Tourism Board.
Mainland Chinese visitors made up the majority of these arrivals, accounting for 3.35 million. This represents an 8.2% increase year-on-year.
In December, certain retail sectors saw remarkable growth. Sales of jewellery, watches, clocks, and valuable gifts surged by 14.3% year-on-year, a significant jump from the 3.6% rise in November.
However, not all sectors experienced growth. The sales of clothing, footwear, and allied products fell by 10.3% year-on-year in December, despite a 2% increase in November.
What was the percentage increase in retail sales in Hong Kong in December?
In December, retail sales in Hong Kong increased by 6.6% compared to the same period in the previous year.
What is the projected increase in the value of total retail sales in 2025?
The value of total retail sales in 2025 is projected to increase by 1% from the previous year.
How did the sales of jewellery, watches, clocks, and valuable gifts perform in December?
In December, sales of jewellery, watches, clocks, and valuable gifts surged by 14.3% year-on-year.
