Hong Kong retail sales down 2.3% in April

After adjusting for inflation, retail sales dropped 3.3%YoY.

Hong Kong’s retail sales fell 2.3% in April compared to the same month last year, reaching a provisional total of $28.9b, the Census and Statistics Department announced.

After adjusting for inflation, retail sales dropped 3.3% year-on-year.

Online sales, accounting for 8.1% of the total, fell 3.5% to $2.3b, whilst supermarket sales declined by 2.4%.

Significant decreases were seen in motor vehicles and parts, which plunged 53.4%, furniture and fixtures down 16.7%, fuels falling 12.5%, apparel dropping 5.6%, footwear and accessories down 5.1%, jewellery, watches and valuable gifts declining 1.7%, and optical items slipping 0.2%.

However, some categories experienced growth, including other consumer goods which rose 13.4%, books, newspapers and gifts up 11.7%, medicines and cosmetics increasing 7.2%, Chinese drugs and herbs rising 3.8%, food, alcohol and tobacco up 3%, department store sales growing 2.1%, and electrical goods and consumer durables up 1.6%.

The government said that tourism promotion, rising incomes, and steady growth in the Mainland economy will help support the retail sector but warned that changing consumer habits and ongoing economic uncertainty will continue to pose challenges.