Financial News: Hong Kong Retail Sales Growth Strongest In 20

Hong Kong Retail Sales Growth Strongest In 20 Months

(RTTNews) - Hong Kong's retail sales value increased at the fastest pace in more than one-and-a-half years in August, preliminary data from the Census and Statistics Department showed on Thursday.

The value of retail sales climbed 3.8 percent year-on-year in July, faster than the 1.8 percent rise in July. Sales have been rising since May.

Moreover, this was the quickest growth since December 2023, when sales had risen 7.8 percent.

Online sales, which accounted for 8.4 percent of the total sales value in August, increased by 8.9 percent from last year versus a 13.3 percent growth in the previous month.

Sales of jewelry, watches and clocks, and valuable gifts alone grew by 16.4 percent, and sales at department stores were 1.9 percent higher. Demand for other consumer goods climbed by 8.7 percent, while that for consumer durable goods declined by 2.5 percent.

The volume of retail sales rose 3.2 percent annually versus a 0.9 percent rebound a month ago.

Looking ahead, the stabilizing local consumer sentiment, coupled with sustained growth in inbound visitors and the government's proactive efforts in promoting tourism and mega events, should render support to retail businesses, a government spokesman said.

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