Financial News: Hong Kong Retail Sales Growth Strongest Since June

Hong Kong Retail Sales Growth Strongest Since June 2023

(RTTNews) - Hong Kong's retail sales growth accelerated in March to the highest level in more than two-and-a-half years, preliminary data from the Census and Statistics Department showed on Wednesday.

The value of retail sales surged 19.3 percent year-on-year in March, much faster than the 5.5 percent rise in February. Moreover, this was the fastest growth since June 2023, when sales grew 19.5 percent.

The retail sales growth trend tends to show greater volatility in the first two months of a year due to the timing of the Chinese New Year, the agency said.

Sales at department stores alone expanded sharply by 29.3 percent from last year, and demand for jewelry, watches, clocks, and valuable gifts was 24.2 percent higher. 

Consumer durable goods showed 23.2 percent more sales in March, and sales of food, alcoholic drinks, and tobacco, other than supermarkets, increased sharply by 18.6 percent. Sales at supermarkets also logged a double-digit growth of 13.5 percent.

The volume of retail sales advanced at a faster pace of 17.5 percent annually versus a 3.5 percent gain in February.

"Looking ahead, the resilient growth momentum in the local economy and the vibrant increase in inbound visitors are expected to support retail businesses," a government spokesman said.

Meanwhile, the government will continue to closely monitor developments in geopolitical tensions and assess their potential implications for consumer spending in the local market, the spokesperson added.

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