Hong Kong Business News

The value of total retail sales in July, provisionally estimated at $29.1 billion, decreased 11.8% 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 13.3% lower year on year.

Of the total retail sales value in July, online sales accounted for 7.8%. Provisionally estimated at $2.3 billion, the value of online retail sales increased 1% compared with a year earlier.

The value of sales of commodities in supermarkets decreased by 4.2% in July year on year.

There were also declines in sales in the following categories: other consumer goods not elsewhere classified (-6%); jewellery, watches and clocks, and valuable gifts (-25%); apparel (-16.6%); food, alcoholic drinks and tobacco (-4.1%); electrical goods and other consumer durable goods not elsewhere classified (-4.1%); commodities in department stores (-24.3%); motor vehicles and parts (-27.9%); fuels (-9.8%); furniture and fixtures (-22.4%); footwear, allied products and other clothing accessories (-17.9%); Chinese drugs and herbs (-24.9%); and optical items (-15.7%)

By contrast, the value of sales of medicines and cosmetics rose 3.5% in July over a year earlier. Sales of books, newspapers, stationery and gifts were up 26.1%.

The Hong Kong Special Administrative Region Government said the value of total retail sales declined further in July from the year earlier amid ongoing changes in consumption patterns and a strong Hong Kong dollar. More outbound travel by residents during the summer holidays was also a contributing factor.

Looking ahead, the retail sector will continue to face challenges in the near term. However, measures enacted by the central government, and local efforts to promote a mega event economy, boost market sentiment and support the development of the sector, should help stimulate retail businesses, the Hong Kong SAR Government said.

Continued growth in the economy and rising employment earnings should also provide support to the retail sector, it added.

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