Financial News: Hong Kong Retail Sales Growth Eases In March

Hong Kong Retail Sales Growth Eases In March

(RTTNews) - Hong Kong's retail sales growth moderated in March after accelerating in the previous month, preliminary data from the Census and Statistics Department showed on Wednesday.

The value of retail sales grew 12.8 percent year-on-year in March, slower than the 19.3 percent surge in February, which was the strongest growth since June 2023. Moreover, this was the fastest growth since June 2023, when sales grew 19.5 percent.

Sales of consumer durable goods advanced sharply by 40.7 percent from last year, and those of jewelry, watches and clocks, and valuable gifts rose by 27.2 percent. Demand for clothing, footwear, and allied products grew 5.9 percent, while fuel sales dropped notably by 14.2 percent.

The volume of retail sales climbed 9.8 percent yearly in March, though the growth slowed significantly from 17.5 percent.

"The near-term outlook for retail sales is broadly positive, underpinned by recovering local demand, sustained growth in inbound tourism, and a favorable macro-financial environment," a government spokesman said.

"The government will continue to monitor the downside risk arising from the evolving geopolitical tensions for any potential implications for consumer spending in the local market."

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