Today (August 31st), the Hong Kong government’s Census and Statistics Department released data showing that the provisional estimate of the total sales value of the retail sector in July 2023 was 33 billion yuan ($4.53 billion), representing a year-on-year increase of 16.5%. The revised estimate of the total sales value in June 2023 increased by 19.5% compared to the same period last year. Compared to 2022, the provisional estimate of the total sales value of the retail sector for the first seven months of 2023 increased by 20.1%.
In terms of overall sales, the provisional estimate for online sales was 2.3 billion yuan ($315.5 million), accounting for 6.8%, representing a 1.4% increase compared to the same period in 2022. The revised estimate for online retail sales in June 2023 decreased by 2.6% compared to the same period in 2022. Compared to the same period in 2022, the provisional estimate of online retail sales for the first seven months of 2023 decreased by 5.1%.
Looking at the provisional estimates of sales values by retailers, the fastest-growing categories in July this year were jewelry, watches, and valuable gifts, with a sales value increase of 19.8%; followed by other uncategorized consumer goods, with a sales value increase of 22.7%; pharmaceuticals and cosmetics increased by 45.7%; and department store goods increased by 4.2%. On the other hand, sales value for supermarket goods decreased by less than 0.05%.
In the three months ending in July 2023, compared to the previous three months, the seasonally adjusted provisional estimate of the total sales value of the retail sector decreased by 7.0%, while the seasonally adjusted provisional estimate of the total sales volume of the retail sector decreased by 6.8%.
A Hong Kong government spokesperson stated that the total sales value of the retail sector continued to increase significantly in July, supported by an increase in visitor arrivals and a positive consumption atmosphere. The spokesperson also noted that the recovery of the tourism industry in the coming months should continue to benefit the retail sector, and improvements in the labor market situation and various government measures to support consumption would also be helpful.
