Retail Sales On the Rise, Up by 19.6% in June
Hong Kong’s total retail sales value in June increased by 19.6% ($33.1 billion) compared to the previous year. This is according to the Census & Statistics Department.
Online sales came in at 6.7% of the total retail sales value for the month. Meanwhile, the sales value for jewellery, watches, clocks, and valuable gifts surged by an impressive 64.3%.
Other categories that contributed to the overall retail sales increase include the following:
- Apparel saw a significant increase of 34.2%.
- Food, alcoholic drinks, and tobacco experienced a moderate uptick of 6.6%.
- Commodities in department stores saw a slight increase of 4.2%.
- Medicines and cosmetics recorded a remarkable surge of 49.4%.
- Electrical goods and other consumer durable items, not classified elsewhere, showed a respectable growth of 11.3%.
- Motor vehicles and parts exhibited a strong increase of 24.9%.
- Footwear, allied products, and other clothing accessories reported a substantial rise of 26.1%.
- Chinese drugs and herbs witnessed a growth of 17.1%.
- Sales of books, newspapers, stationery, and gifts increased by 19.3%.
- Optical shops saw a substantial surge of 29.9%.
However, supermarkets saw a decrease in the value of sales commodities at 3.5% in the previous month last year. Fuel, furniture and fixtures decreased by 19.1% and -6.4%, respectively.
Inbound Tourism and Positive Consumption Sentiment
The steady growth in retail sales in Hong Kong was thanks to the recovery in inbound tourism, along with positive consumption sentiment. The government noted that the retail sales outlook appears promising, with expectations of a continued rise in visitor arrivals in the upcoming months.
They also highlighted enhanced employment conditions and various government initiatives. For example, the distribution of consumption vouchers is poised to bolster local consumer demand, contributing to the positive outlook for retail sales.
Starting a Retail Business in Hong Kong?
Embrace the Retail Boom in Hong Kong! With a remarkable 19.6% increase in total retail sales value in June, now is the perfect time to explore opportunities for your business. Contact us and discover how you can grow and succeed in this thriving market!