Hong Kong retail sales rise 0.2 per cent in September, with industry chief saying consumption voucher effect diminishing
- Provisional figures released by Census and Statistics Department also show total retail sales for first nine months declined 1.3 per cent year on year
- Hong Kong Retail Management Association chief says she hopes government will remove all Covid surveillance measures so more tourists return and boost sector
Hong Kong’s retail sales in September rose 0.2 per cent year on year, the second month in a row of little or no growth, with an industry expert saying it reflected the minimal impact of government consumption vouchers issued to residents in August.
Provisional figures released by the Census and Statistics Department on Tuesday also showed total retail sales for the first nine months declined 1.3 per cent compared with the same period in 2021.
September sales totalled HK$28.1 billion, down from HK$28.6 billion in August. Retail sales in August, the month when the first installment of the HK$5,000 in vouchers was disbursed, dropped 0.1 per cent year on year.
Online retail sales for September increased 27.5 per cent from the same month last year, reaching HK$2.9 billion, or 10.2 per cent of the total.
The value of electrical and consumer durable goods sales rose 14 per cent year on year, which a government spokesman said contributed to the latest increase.
“Looking ahead ... the generally stable local epidemic situation, improved labour market conditions and the consumption voucher scheme will continue to support consumption demand in the near term,” the spokesman said.
“However, tightened financial conditions will increasingly offset the positive effects.”
Some 6.3 million people, including new residents and arrivals from mainland China, are eligible for up to HK$10,000 under the consumption voucher scheme, which was designed to boost the coronavirus-battered economy. The scheme has cost the government HK$68.1 billion in total.