On November 1st, the Hong Kong government’s Census and Statistics Department released data showing that the provisional estimate of total retail sales value in September 2023 was 31.8 billion ($4.35 billion), representing a 13% year-on-year increase. The revised estimate for August 2023 total retail sales value increased by 13.7% compared to the same period last year. In the first nine months of 2023, the provisional estimate of total retail sales value rose by 18.6% compared to 2022.
In terms of overall sales, the provisional estimate for online sales in September 2023 was 3.5 billion ($478.3 million), accounting for 11% and representing a 22% increase compared to the same period in 2022. The revised estimate for online retail sales value in August 2023 decreased by 9.5% compared to the same period last year. Compared to the same period in 2022, the provisional estimate for online retail sales value in the first eight months of 2023 decreased by 2.3%.
After excluding the effect of price changes, the provisional estimate of total retail sales volume in September 2023 increased by 10.1% compared to the same period last year. The revised estimate for total retail sales volume in August 2023 increased by 11% compared to the same period last year. Compared to 2022, the provisional estimate of total retail sales volume in the first nine months of 2023 increased by 16.5%.
In terms of the provisional estimate of retail sales value by retailer, in September 2023 compared to September 2022, sales of medicines and cosmetics increased by 50.6%; sales of jewelry, watches, and valuable gifts increased by 27.3%; sales of department store goods increased by 12.2%; and sales of other uncategorized consumer goods increased by 34.1%.
When comparing the third quarter of 2023 with the second quarter, the provisional estimate of seasonally adjusted total retail sales value decreased by 3.8%, while the provisional estimate of seasonally adjusted total retail sales volume decreased by 4.2%.
A spokesperson for the Hong Kong government stated that the total retail sales value continued to show a significant year-on-year increase in September, benefiting from a further increase in visitor arrivals. Looking ahead, the spokesperson pointed out that the recovery of visitor arrivals should benefit the retail industry.
