Recently, the Hong Kong Census and Statistics Department released data showing that the provisional estimate of the total sales value of the retail sector in August 2023 was RMB 32.4 billion ($4.44 billion), an increase of 13.7% compared to the same period last year. The revised estimate for the total sales value in July 2023 increased by 16.7% compared to the same period last year. Comparing the first eight months of 2023 to 2022, the provisional estimate of the total sales value of the retail sector increased by 19.3%.
In terms of overall sales, the provisional estimate for online sales was RMB 2.4 billion ($328.7 million), accounting for 7.3%, a decrease of 9.0% compared to the same period in 2022. The revised estimate for online sales in July 2023 increased by 1.6% compared to the same period last year. Comparing the first eight months of 2023 to 2022, the provisional estimate for online sales in the retail sector decreased by 5.6%.
After adjusting for price changes, the provisional estimate of the total sales volume of the retail sector in August 2023 increased by 11.0% compared to the same period last year. The revised estimate for the total sales volume in July 2023 increased by 14.2% compared to the same period last year. Comparing the first eight months of 2023 to 2022, the provisional estimate of the total sales volume of the retail sector increased by 17.3%.
In terms of the provisional estimate of the sales value by retail category, comparing August 2023 to August 2022, the sales value of jewelry, watches, and valuable gifts increased by 57.2%; followed by drugs and cosmetics, which increased by 42.9%; department store goods increased by 14.9%; and the sales value of other uncategorized consumer goods increased by 23.4%.
For the three months ending in August 2023 compared to the previous three months, the provisional estimate of the seasonally adjusted total sales value of the retail sector decreased by 3.8%, while the provisional estimate of the seasonally adjusted total sales volume of the retail sector decreased by 4.0%.
A spokesperson for the Hong Kong government stated that the retail sector continued to show a significant year-on-year increase in total sales value in August, benefiting from the further increase in visitor arrivals. The retail industry will continue to benefit from the ongoing recovery in visitor tourism in the short term. The improved labor market conditions and a series of events and consumer promotions under the “Hong Kong Summer Fun” campaign will also boost consumer sentiment and provide support to the retail sector.
