Hong Kong retail sales jump 18.4 per cent in May, as tourism revives under ‘golden week’ and consumers splash out
- Provisional figures from authorities show retail sales hit HK$34.5 billion in May over year ago, marking sixth consecutive month of improvements
- Government spokesman predicts further improvements amid return of tourists and latest round of consumption vouchers
Hong Kong’s retail sales jumped by 18.4 per cent in May over a year ago, which the government attributed to tourists returning and residents splashing out amid better labour market conditions and consumption vouchers to entice spending.
Provisional figures released by the Census and Statistics Department on Monday showed retail sales hit HK$34.5 billion (US$4.5 billion) in May, slightly lower than the HK$34.7 billion recorded in the month before.
The 18.4 per cent growth marked the sixth consecutive month of improved retail sales over last year’s figures. Across the first five months of the year, total retail sales increased by 19.2 per cent compared with the same period in 2022.
Retail sales for the month surged by 51.8 per cent over last year for jewellery, watches and clocks, and valuable gifts.
Taking into account seasonal factors, such as the Labour Day “golden week” public holiday in mainland China, total retail sales rose 12.9 per cent in the three months ending in May compared with the preceding three-month period, the department said.
More than 1.71 million visitors entered the city during the five-day holiday, with tourists from mainland China accounting for 625,538, or 36.6 per cent.
A government spokesman said the value of total retail sales continued to increase because of improved tourism numbers and consumer sentiment.
