Hong Kong’s retail sector has seen a significant upswing, with October marking the sixth consecutive month of sales increase. As per data from the Census and Statistics Department, there was a year-on-year increase of 6.9% in retail sales, provisionally estimated at HK$35.2 billion (US$4.5 billion) for the month. This represents the highest monthly increase witnessed over the past half year. Despite this, the retail sales over the first ten months remained largely on par with the same period the previous year.
Specific sectors within the retail industry reported varying degrees of performance. Sales of electrical goods and other consumer durable goods took the lead with a significant increase of 24.6% in October. This was closely followed by jewellery, watches, clocks, and valuable gifts, which saw an increase of 9.5%. Alcoholic drinks and tobacco reported an increase of 6%, while department store commodities saw a 5.8% increase in sales.
On the other hand, several sectors reported a decline in sales. Motor vehicle and parts sales saw the most significant drop, falling by 20%. This was followed by fuel sales, which decreased by 8.7%, and Chinese drugs and herbs, which fell 6.6%. Furniture and fixtures also saw a slight decrease in sales, falling by 2.3%.
The government has also weighed in on the positive trend in retail sales, with a spokesperson attributing the increase to an ongoing improvement in consumer sentiment. They noted that the retail sales recovery gathered momentum in October, indicating a forward progression from the sales increase in the previous month. The spokesperson expressed confidence in the continued improvement in local consumer sentiment and the sustained growth in visitor arrivals. These factors are expected to provide further support for retail businesses in the coming months.
What was the year-on-year increase in Hong Kong’s retail sales in October?
The year-on-year increase in Hong Kong’s retail sales in October was 6.9%, according to the Census and Statistics Department.
Which sectors reported the highest increase in sales?
Electrical goods and other consumer durable goods reported the highest increase in sales, with a growth of 24.6%. They were closely followed by jewellery, watches, clocks, and valuable gifts, which saw a 9.5% increase.
Which sectors saw a decrease in sales?
Motor vehicle and parts experienced the most significant drop, falling by 20%. Fuels also decreased by 8.7%, with Chinese drugs and herbs falling 6.6%, and furniture and fixtures by 2.3%.
