Total Retail Sales Saw 30% Increase Compared to 2020 of the Same Month
Hong Kong’s retail sales are on the upswing, approximately $29.5 billion in February, experiencing a 30% increase compared with the same month of last year
These figures were released by Hong Kong’s Census and Statistics Department. The Government did note that retail sales tend to be volatile in the first two months of the year. The volatility is attributed to the Lunar New Year.
Hence, the Government is comparing the total sales figures for January and February. It also looked at the sales value of electrical goods, alongside other durable consumer goods. These experienced an increase of 34.3%.
Retail Sales Record of Other Consumer Goods in Hong Kong
The overall 30% increase in retail sales figures in Hong Kong includes the sale of goods and commodities too. Among the categories to experience the increase was the following:
- Jewelry, clocks, watches, and other valuable gifts (3.2%)
- Apparel to be worn (10.6%)
- Commodities (Department Stores) (4.1%)
- Motor vehicle parts (14.4%)
- Fixtures and furniture (25.2%)
The Government noted that year-on-year comparisons revealed that sales experienced a sharp increase in February because of the Lunar New Year. Moreover, last year had a much lower comparison base because of the COVID-19 pandemic.
Projections for the Future
The Hong Kong Government is projecting that retail trade will continue to face a challenging business environment. This projection is based on the inbound tourism sector that remains frozen. The Government points out that is it pivotal to have the pandemic situation under control. It is imperative that the city creates a favorable business environment once more and revive cross-boundary tourism.