It Is Not Easy For Hongkong'S Hard And Luxurious Market To Grow At Last.

Since October

After a sharp narrowing of the retail market, people in the industry generally think that the retail market in Hongkong has bottomed out, but the rebound will still take some time, but the trend of recovery is obvious, including the recent rebound in the number of visitors to Hong Kong. In December, the number of visitors to Hong Kong increased by 5.4%, of which mainland customers increased by 6.1%.

The retail market in Hongkong has bottomed out. After nearly two years of adjustment, it has adapted to the change of consumption pattern and will return to normal.

In terms of the local consumer market, the momentum has been stabilized in addition to the low base of the past, the warmer consumer climate and the increase in market crowds.

Although the retail market in Hongkong has not been recorded for 22 consecutive months, the biggest surprise in Hongkong's retail market is the last month of 2016, the first time since October 2014, the number of hard luxury categories has increased by 2.3%.

According to the statistics released by the Hongkong Statistical Office, the estimated value of total retail sales in Hongkong in December 2016 was HK $42 billion 400 million, down 2.9% from December 2015, far more than the 4.9% decline expected by the market.

During the deduction period, the total volume of retail sales in December was estimated to be 2.8% lower than the same period last year.

In addition to rare growth in jewellery, clocks and watches and precious gifts, there was a 4.8% increase in the category of medicines and cosmetics, while clothing, department stores and footwear, related products and others.

The sales value decreased by 4.2%, 3.2% and 0.5% respectively, while the sales of optical stores increased 6.2%.

In the fourth quarter of 2016 compared with the third quarter, the seasonally adjusted total retail sales increased by 2.3% while the provisional estimate of seasonally adjusted total retail sales increased by 2.6%.

In 2016, the total retail sales value of Hongkong was HK $436 billion 600 million, down 8.1% compared with the same period last year, and the total sales volume fell by 7.1%.

According to the estimated sales value of the main categories of retailers, the value of jewellery, watches and clocks and precious gifts in Hongkong market has plummeted by 17.2% to HK $71 billion 353 million per year during the whole year of 2016. The sales of clothing and clothing decreased by 4.9% to HK $49 billion 589 million, while department stores sold 6.2% to HK $46 billion 996 million; sales of drugs and cosmetics dropped slightly from 0.1% to HK $41 billion 72 million; sales of footwear, related products and other clothing accessories decreased by 3% to HK $8 billion 707 million.

The value of sales fell by 4.4% to HK $3 billion 153 million.

Today, people who control luxury and fashion have changed dramatically. The millennial generation is gradually becoming the main force of new fashion consumption. If luxury brands ignore the existence of this crowd, it will be hard to arouse the attention of the crowd in the future, and then they will lose the market or even be marginalized.

A spokesman for the Hongkong government pointed out that the year-on-year decline in retail sales narrowed in December, partly reflecting the rebound in the number of visitors to Hong Kong during the month. Meanwhile, the stability of the labour market continued to provide support for the consumption intention of Hong Kong residents.

Looking ahead, the future of retail industry still depends on whether the recent improvement of tourism in Hong Kong can be further consolidated, and the impact of various uncertainties in the external environment on the consumption intention of local residents.

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