Hong Kong's retail sales in January reached HK$36.5 billion, up 0.9% year-on-year. Total retail sales increased at a moderate pace, partly due to the different timing of the Lunar New Year.
According to the latest statistics released by the Census and Statistics Department (C&SD), online sales accounted for 6.5% of total retail sales in January 2024, totaling HK$2.4 billion, down 20.9% year-on-year. . 2023.
Comparing January 2024 with one year ago, sales of jewelry, watches, and valuable gifts increased by 25.2%, analyzed in descending order of provisional estimated sales across a wide range of retailers.
This was followed by sales of other consumer goods not elsewhere classified (up 7.4% in value). Wearing apparel (+5.2%). Pharmaceuticals and cosmetics (+25.2%); Automobiles and parts (+23.7%); Furniture and equipment (+20.5%); Books, newspapers, stationery and gifts (+27.8%); and Opticians (+0.7%).
On the other hand, product sales at supermarkets decreased by 9.3% in January 2024 compared to the same month of the previous year. This was followed by sales of food, alcoholic beverages, and tobacco (-8.0% in value). Electrical and other consumer durables n.e.c. (-26.2%). Department store products (-9.2%). Fuel (-14.5%); Footwear, related products and other clothing accessories (-8.2%). and Chinese medicine and herbs (-20.1%).
Based on a seasonally adjusted series, the preliminary estimate of total retail sales for the three months ending January 2024 was 3.2% lower than the previous three months. Meanwhile, preliminary estimates of total retail sales he fell by 3.2%. 3%.
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A government spokesperson said gross retail sales continued to increase in January compared to the same month last year, but the pace slowed, partly due to the different timing of the Lunar New Year.
“Therefore, to assess the latest retail sales performance in conjunction with other relevant factors, it may be more meaningful to look at combined January and February figures, where available.” added
Looking ahead, the spokesperson added that the continued increase in visitor numbers, in addition to the further recovery of processing capacity and the hosting of mega events, will bode well for the retail industry.
The spokesperson added, “Government efforts to increase household income and boost consumer sentiment should also provide support. The government will continue to monitor the situation closely.”
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