Hong Kong Business News

The value of total retail sales in September, provisionally estimated at $29.6 billion, decreased 6.9% compared with the same month in 2023, the Census & Statistics Department announced today.

After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales for the month was 8.7% lower year-on-year.

Of the total retail sales value in September, online sales accounted for 10.4%. Provisionally estimated at $3.1 billion, the value of online retail sales decreased 11.8% compared with a year earlier.

The value of sales of commodities in supermarkets dropped 1.1% in September year-on-year.

There were also declines in sales in the following categories: electrical goods and other consumer durable goods not elsewhere classified (-7.6%); jewellery, watches and clocks, and valuable gifts (-17.9%); food, alcoholic drinks and tobacco (-3.2%); wearing apparel (-8.7%); medicines and cosmetics (-2.5%); commodities in department stores (-11.4%); motor vehicles and parts (-26.7%); fuels (-8.6%); furniture and fixtures (-14.4%); footwear, allied products and other clothing accessories (-3.8%); Chinese drugs and herbs (-17.7%); and optical shops (-10.6%).

By contrast, the value of other consumer goods not elsewhere classified increased by 2.9% in September over a year earlier. Sales of books, newspapers, stationery and gifts rose 20.3%.

The Government said that the near-term performance of the retail sector will still be affected by the change in consumption patterns of residents and visitors.

Nevertheless, an improved outlook for the Mainland economy following the recent introduction of a wide range of stimulus measures, and a possible easing of the Hong Kong dollar alongside the US dollar with the commencement of the US interest rate cut, will be conducive to boosting sentiment and supporting spending.

In addition, the central government's various measures benefitting Hong Kong, the Hong Kong Special Administrative Region Government's various initiatives to boost market sentiment and increasing employment earnings will also benefit the retail sector.

---

PREVIOUSNEXT