On November 30th, the Hong Kong government’s Census and Statistics Department released data showing that the provisional estimate of total sales value in the retail industry for October 2023 was 33.8 billion yuan ($4.74 billion), a year-on-year increase of 5.6%. The revised estimate of total sales value for September 2023 showed a 13.0% increase compared to the same period last year. Compared to 2022, the provisional estimate of total sales value in the retail industry for the first ten months of 2023 increased by 17.2%.
In terms of overall sales, the provisional estimate for online sales in October was 3.7 billion yuan ($518.5 million), accounting for 11% and increasing by 8.4% compared to the same period in 2022. The revised estimate for online sales in the retail industry for September 2023 showed a 22.1% increase compared to the same period in 2022. Compared to the same period in 2022, the provisional estimate of online sales value in the retail industry for the first ten months of 2023 decreased by 0.9%.
After adjusting for price changes, the provisional estimate of total sales quantity in the retail industry for October 2023 increased by 2.7% compared to the same period last year. The revised estimate of total sales quantity for September 2023 increased by 10% compared to the same period last year. Compared to 2022, the provisional estimate of total sales quantity in the retail industry for the first ten months of 2023 increased by 15.0%.
In terms of the provisional estimate of sales value by retailers, compared to October last year, the sales value of pharmaceuticals and cosmetics increased by 23.5%; jewelry, watches, and valuable gifts increased by 27.4%; department store goods increased by 1%; and sales value of other uncategorized consumer goods increased by 24.8%.
For the three months ending in October 2023, the provisional estimate of seasonally adjusted total sales value in retail decreased by 3.0% compared to the previous three months, while the provisional estimate of seasonally adjusted total sales quantity in the retail industry decreased by 3.4%.
A government spokesperson stated that the total sales value in the retail industry further increased in October due to a further increase in visitor arrivals. Looking ahead, the spokesperson pointed out that the recovery of visitor arrivals would benefit the retail industry. Users’ income will continue to improve, and events like “Hong Kong Night Carnival” will provide certain support. However, factors such as tight financial conditions and economic uncertainty will put pressure on the consumption sentiment.
