Hong Kong retail sales grow 16.2% in 2023, bouncing back from contraction
- Provisional figures released by Census and Statistics Department show retail sales in December rose 7.8 per cent year on year
- December’s growth marked 13th consecutive month of improved retail sales over 2022 figures
Hong Kong’s retail sales grew 16.2 per cent last year, rebounding from a small contraction in 2022, but analysts warned that the city’s weakened economy would continue to affect consumer sentiment.
Provisional figures released by the Census and Statistics Department on Thursday showed retail sales in December rose 7.8 per cent year on year, hitting HK$36.3 billion (US$4.7 billion), slightly higher than the HK$34.2 billion logged the previous month.
December’s growth marked the 13th consecutive month of improved retail sales over the figures in 2022.
The return to growth followed a 0.8 per cent year-on-year contraction in 2022.
The value of retail sales for the whole of last year was provisionally estimated at HK$406.7 billion, an increase of 16.2 per cent over 2022.
“Looking ahead, visitor arrivals should increase further alongside the continued recovery of handling capacity,” a government spokesman said.
“Rising household income also bodes well for local consumption. These factors, coupled with the government’s efforts to promote mega events and launch various activities including ‘Day x Night Vibes @ 18 Districts’, should provide support to retail businesses.”
Retail sales last December surged by 50.1 per cent over the same month in 2022 for jewellery, watches and clocks, and valuable gifts, followed by other consumer goods, apparel, commodities in department stores, and medicines and cosmetics.