The HK Census and Statistics Department (C&SD) released the latest retail sales figures today (March 1).
Total retail sales value in January 2024 is preliminarily estimated at HKD 36.5 billion, marking a 0.9% increase compared to January 2023. Revised estimates show that total retail sales in December 2023 increased by 7.8% year-on-year.
Online sales contributed to 6.5% of the total retail sales value in January 2024. The preliminary estimate for online retail sales in that month is HKD 2.4 billion, reflecting a 20.9% decrease compared to January 2023. Revised estimates for online retail sales in December 2023 indicate a 29.5% decrease compared to the previous year.
When comparing January 2024 to January 2023, and adjusting for the effect of the Lunar New Year timing, sales of jewellery, watches, clocks, and valuable gifts rose by 25.2%. This was followed by increases in sales of other consumer goods not elsewhere classified (+7.4% in value), wearing apparel up 5.2%, medicines and cosmetics increased 25.2%, motor vehicles and parts up 23.7%, furniture and fixtures up 20.5%, books, newspapers, stationery, and gifts increased 27.8%, and optical shop sales up 0.7%.
According to the seasonally adjusted data, the preliminary assessment indicates that the total retail sales value decreased by 3.2% in the three months ending January 2024 compared to the previous three-month period. Similarly, the preliminary estimate shows that the volume of total retail sales decreased by 3.0% during the same period.
A government representative noted that while total retail sales showed growth in January compared to the previous year, the rate of growth was tempered, partly due to the shifted timing of the Lunar New Year. Therefore, it would be more meaningful to analyze combined figures for January and February, when available, to better understand the latest retail sales performance in context with other relevant factors.
Looking forward, the representative expressed optimism, citing the anticipated increase in visitor arrivals, along with the gradual recovery of handling capacity and the organization of large-scale events, as positive indicators for retail businesses. Additionally, the rise in household income and government initiatives aimed at bolstering consumer sentiment are expected to provide further support. The government will remain vigilant and continue to monitor the situation closely.
