Hong Kong retail sales down 7.3% in November

Online retail sales made up 9.3% of the total retail sales.

Retail sales in Hong Kong in November dropped by 7.3% compared to the same month last year, with total sales estimated at $31.7b, according to the Census and Statistics Department.

After accounting for price changes, the volume of retail sales dropped even further, down 8.3%.

Online retail sales, which made up 9.3% of the total retail sales, were provisionally estimated at $2.9b, representing a 7% decrease compared to the same period last year.

Several retail categories reported year-on-year decreases in November, including jewellery, watches, clocks, and valuable gifts (-5.4%), electrical goods and other durable goods (-18%), wearing apparel (-7.5%), commodities in department stores (-12.3%), medicines and cosmetics (-2.9%), motor vehicles and parts (-34.4%), fuels (-9.9%), furniture and fixtures (-20.5%), Chinese drugs and herbs (-19.3%), books, newspapers, and stationery (-6.5%), and optical shops (-11.8%).

However, supermarkets saw a 3.5% increase in sales, and other consumer goods and food, alcoholic drinks, and tobacco also showed slight growth.

The government attributed the decline to changing consumption patterns and the strong Hong Kong dollar, with expectations that these trends will continue to affect the retail sector.

Despite this, the government remains optimistic, citing new measures such as the expansion of the Individual Visit Scheme for Shenzhen and initiatives aimed at boosting local spending, which are expected to improve retail performance.