Hong Kong retail sales fall 9.7% in June

This is mainly due to the changing consumption patterns amongst visitors and residents.

Hong Kong's total retail sales value in June, provisionally estimated at $29.9b, saw a 9.7% decrease compared to the same month last year, according to the Census & Statistics Department.

After accounting for price changes over the same period, the volume of total retail sales for June dropped by 11.2% year-on-year.

Online sales, which represented 7.8% of the total retail sales value in June, reached a provisional estimate of $2.3b. This marks a 5.2% increase compared to a year earlier.

Sales of jewellery, watches, clocks, and valuable gifts experienced a decline, dropping 23.1% compared to June last year. Other notable decreases were seen in other consumer goods not elsewhere classified (-1.2%), supermarket commodities (-0.5%), wearing apparel (-13.2%), food, alcoholic drinks, and tobacco (-5.7%), electrical goods and other consumer durable goods not elsewhere classified (-4.7%), department store commodities (-18.6%), motor vehicles and parts (-25.1%), fuels (-12.3%), furniture and fixtures (-9.8%), footwear, allied products, and other clothing accessories (-9.1%), Chinese drugs and herbs (-2.8%), and optical shops (-13.9%).

In contrast, sales of medicines and cosmetics increased by 3.4% in June 2024 over the previous year, followed by sales of books, newspapers, stationery, and gifts, which saw a slight increase of 0.1%.

The government said that the decline in total retail sales value continued in June due to changing consumption patterns amongst visitors and residents and the strong Hong Kong dollar. However, the rate of decline has narrowed.

Looking ahead, the retail sector is expected to face ongoing challenges. Still, various measures from the central government benefiting Hong Kong, combined with the Hong Kong Special Administrative Region Government's efforts to promote a mega event economy and support the local retail sector, are anticipated to provide benefits.

The government added that continued economic growth and rising employment earnings should also support the retail sector.

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