Hong Kong – Retail sales in Hong Kong back in November 2023 have by $34.2b, marking a 15.9% increase compared to the same month in 2022, and for the first 11 months of 2023 taken together, it was provisionally estimated that the value of total retail sales increased by 17.1% compared with the same period in 2022. This is according to the latest data released by the Census and Statistics Department (C&SD) of Hong Kong.
According to the data, of the total retail sales value in November 2023, online sales accounted for 9.3%. The value of online retail sales in that month, provisionally estimated at $3.2b, decreased by 16.1% compared with the same month in 2022. The revised estimate of online retail sales in October 2023 increased by 9.0% compared with a year earlier.
Moreover, the provisional estimate of the volume of total retail sales in November 2023 increased by 12.4% compared with a year earlier. The revised estimate of the volume of total retail sales in October 2023 increased by 2.9% compared with a year earlier.
It is also worth noting that jewellery, watches and clocks, and valuable gifts rank the most in the value of sales, amounting to around 60.8%. This was followed by consumer goods not elsewhere classified (29.0%); wearing apparel (54.1%); commodities in department stores (15.0%); food, alcoholic drinks and tobacco (6.3%); medicines and cosmetics (38.7%); footwear, allied products and other clothing accessories (24.4%); Chinese drugs and herbs (33.7%); books, newspapers, stationery and gifts (11.1%); and optical shops (17.8%).
A government spokesman said that the value of total retail sales increased visibly in November over a year earlier alongside the revival of inbound tourism.
Looking ahead, the spokesman added that an expected further recovery of inbound tourism should continue to benefit the retail sector. Continued improvement in household income, as well as various promotional campaigns and activities launched by the Government and the industry should also provide support.
