Financial News: Hong Kong Retail Sales Surge 7.0%, Biggest Rise

Hong Kong Retail Sales Surge 7.0%, Biggest Rise In 9 Months

03/02/2023 - 08:00:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales value grew at the fastest pace in nine months in January, underpinned by an improved consumer sentiment along with the impact of the early arrival of the Lunar New Year, preliminary data from the Census and Statistics Department showed Thursday.

The value of retail sales rose sharply by 7.0 percent year-on-year following a 1.2 percent rebound in December.

Meanwhile, online sales, which accounted for 8.2 percent of the total sales value in January, dropped 4.2 percent from last year versus a 12.8 percent surge in the previous month.

The retail sales volume gained 5.1 percent annually in January, reversing a 0.6 percent fall seen in the final month of 2022. This was the first increase in three months.

Sales of jewellery, watches and clocks, and valuable gifts grew the most, by 23.1 percent, and those of clothing, footwear and allied products were 14.7 percent higher compared to last year. Sales of other consumer goods alone rose 11.4 percent.

In interpreting the figures for January, it should be noted that retail sales tend to show greater volatility in the first two months of a year due to the early arrival of the Lunar New Year, the agency said.

Looking ahead, a government spokesman pointed out that the continued return of economic activities to normalcy and further rebound in the number of visitor arrivals will benefit the retail sector.

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