On May 3rd, the Hong Kong Census and Statistics Department released data showing that the provisional estimate for the total sales value of the retail industry in March 2024 was HK$31.2 billion, a year-on-year decrease of 7.0%. The revised estimate for the total sales value of the retail industry in January and February 2024, when combined, increased by 1.4% compared to the same period in 2023. The provisional estimate for the total sales value of the retail industry in the first quarter of this year decreased by 1.3% compared to the same period in 2023.
In terms of overall sales, the provisional estimate for online sales in March this year was HK$2.4 billion, accounting for 7.8%, a decrease of 4.7% compared to the same period last year. The revised estimate for the total value of online sales in January and February this year decreased by 13.4% compared to the same period last year. Compared to the same period last year, the provisional estimate for the total value of online sales in the first quarter of this year decreased by 10.7%.
After adjusting for price changes, the provisional estimate for the total sales quantity of the retail industry in March this year decreased by 8.6% compared to the same month last year. The revised estimate for the total sales quantity of the retail industry in January and February this year decreased by 0.4% compared to the same month last year. Compared to the same period last year, the provisional estimate for the total sales quantity of the retail industry in the first quarter of this year decreased by 3.1%.
In terms of the provisional estimate of sales value by retail category, the sales value of drugs and cosmetics increased by 8.9% in March this year compared to the same period last year. Department stores saw a decrease of 14.1% in sales of goods, while the sales value of jewelry, watches, and valuable gifts decreased by 17.7%. The sales value of other uncategorized consumer goods increased by 8.7%.
Compared to the fourth quarter of last year, the provisional estimate of seasonally adjusted total sales value of the retail industry in the first quarter of this year increased by 0.3%, while the provisional estimate of seasonally adjusted total sales quantity of the retail industry increased by 0.7%.
A spokesperson for the Hong Kong government stated that the total sales value of the retail industry turned negative in March, partially due to the high base of comparison with tourist spending and the impact of the Easter holidays. Looking ahead, the spokesperson pointed out that the further recovery of the tourism industry and an increase in household income should continue to support the retail industry. Additionally, the government’s efforts to promote major events and boost the atmosphere will also help the retail industry. However, the changing consumption patterns of tourists and residents may continue to pose challenges, and the Hong Kong government will continue to monitor the situation.
