Hong Kong Economic Resilience Proven As Retail Sales Rose 4.1% in January
Proof of Hong Kong’s economic resilience is evident as retail sales in January rose by 4.1%. This is in comparison to the same month of the previous year.
Provisional estimates place the rise at $33.9 billion. Online sales account for 9% of the total retail sales recorded. Compared to the same month the previous year, online retail sales rose 29.8%.
The Road to Hong Kong Economic Recovery
Retail sales are at their most volatile during the first two months of the year because of the Lunar New Year. In January 2021, commodity sales in supermarkets were up by 10.5%.
Despite the rise in retail sales, the Government still acknowledges that the rise hasn’t fully reflected the impact of Covid-19 in its fifth wave. Tightening of the anti-epidemic measures recently would have affected the Hong Kong economic scene in this aspect too.
When the information becomes available, it would be better to assess the combined retail sales figures for January and February again. This will account for the volatility caused by the Lunar New Year.
Looking Into the Future
Moving forward, there is still a lot of pressure for Hong Kong’s retail sector in the near term. This is due to the restrictive measures and the dire situation caused by the pandemic.
The local community and the Government must work together to get the epidemic under control. In doing so, it will help revive the retail business and other activities that have been impacted by Covid-19.
If you’re looking further into it and want to start a retail business in Hong Kong, contact 3E Accounting. We can offer you guidance and consultation and help set up your business for you.