Recently, the Hong Kong government’s Census and Statistics Department released data showing that the provisional estimate of the total sales value of the retail industry in December 2023 was 36.3 billion yuan ($5.05 billion), representing a year-on-year increase of 7.8%. The revised estimate of the total sales value in November 2023 showed a 15.9% increase compared to the same period last year.
In terms of overall sales, the provisional estimate for online sales in December was 2.8 billion yuan ($389.3 million), accounting for 7.8% of the total, which marked a decline of 29.7% compared to the same period in 2022. The revised estimate for online retail sales in November 2023 showed a 16.3% decrease compared to the same period in 2022. After adjusting for price changes, the provisional estimate of the total retail sales quantity in December 2023 increased by 4.8% compared to the previous year. The revised estimate for the total sales quantity in November 2023 showed a 12.4% increase compared to the same period last year.
Looking at the provisional estimate of the sales value by retailers, in December 2023 compared to December 2022, sales value of drugs and cosmetics increased by 32.7%; sales value of jewelry, watches, and precious gifts increased by 50.1%; sales value of department store goods increased by 4.6%; and sales value of other uncategorized consumer goods increased by 23%.
Comparing the fourth quarter of 2023 with the third quarter, the provisional estimate of the seasonally adjusted total sales value of the retail industry decreased by 3.3%, while the provisional estimate of the seasonally adjusted total sales quantity decreased by 3.6%.
The provisional estimate of the total sales value of the retail industry for the whole year of 2023 was 406.7 billion yuan ($56.5 billion), representing an increase of 16.2% compared to the whole year of 2022, while the provisional estimate of the total sales quantity increased by 13.8%. The provisional estimate of the online retail sales value for the whole year of 2023 was 32.5 billion yuan ($4.52 billion), showing a decrease of 5.9% compared to the whole year of 2022.
Looking at the provisional estimate of the sales value by retailers for the whole year of 2023 compared to the whole year of 2022, sales value of other uncategorized consumer goods increased by 22.3%; sales value of drugs and cosmetics increased by 38.9%; sales value of department store goods increased by 12.4%; and sales value of jewelry, watches, and precious gifts increased by 54.9%.
A government spokesperson stated that the total sales value of the retail industry further increased by 7.8% in December. For the whole year of 2023, the total sales value of the retail industry showed significant growth, increasing by 16.2%. Looking ahead, the spokesperson pointed out that the number of visitors to Hong Kong is expected to continue rising as the capacity for receiving tourists recovers. Increased household income is also favorable for local consumption. These factors, combined with the government’s efforts to organize major events and launch various activities, should provide support to the retail business.
