Retail Sales In Hong Kong Rose For Two Consecutive Months And Are Expected To Continue To Improve

The Statistics Department of the Hong Kong Special Administrative Region Government announced on the 2nd that the provisional estimate of the total sales value of Hong Kong's retail industry in January 2023 was 36.2 billion yuan (Hong Kong dollars, the same below), up 7% year on year for two consecutive months.

Data shows that online sales accounted for 8.2% of the total sales value of Hong Kong's retail industry in January this year. After deducting the price changes during this period, the provisional estimate of the total retail sales in January this year increased by 5.1% year on year.

According to the provisional estimates of the sales value of the main categories of retailers, from high to low, the sales value of other unclassified consumer goods increased by 6% in January 2023 compared with January 2022; Jewelry, watches and precious gifts increased by 23.1%; Electrical appliances and other non classified durable consumer goods increased by 13.4%; Clothing rose 14.4%; Goods in department stores rose 3.9%; Drugs and cosmetics increased by 15.3%; Cars and auto parts rose 1.3%; Footwear, related products and other clothing accessories increased by 16%; Chinese medicine increased by 38.5%; Books, newspapers, stationery and gifts rose by 20.3%; Glasses stores rose 13.8%.

The Hong Kong Retail Management Association said that the increase in retail sales value in January this year recorded a significant increase, mainly due to the arrival of the Lunar New Year, which led to a strong increase in retail consumption, such as the category of gift giving products. It is expected that the retail market in Hong Kong will continue to improve, and the distribution of electronic consumption vouchers by the SAR government will also help.

The spokesman of the SAR government said that with the improvement of the consumption atmosphere, the total sales value of the retail industry in January this year further increased. It also helps that the Lunar New Year comes early this year. Looking ahead, the retail industry will benefit from the continued recovery of economic activity and the further recovery of the number of visitors to Hong Kong.

(Source: China News Network)