Retail sales value rises 1.9% YoY in February

The total value stood at HK$33.8b.

The total retail sales value hit HK$33.8b in February 2024, an increase of 1.9% from the same month in 2023.

Of the total sales value, 6.9% or HK$2.3b was from online sales. Compared to a year ago, the online retail sales value fell 9.9%.

Amongst retail outlets, "medicines and cosmetics" recorded the biggest improvement, with sales increasing 21.7% YoY.

Other retail outlet types which recorded value increases include “jewellery, watches and clocks, and valuable gifts” (+8.8%), “consumer goods not elsewhere classified” (+10.7%), “commodities in supermarkets” (1.0%), “wearing apparel” (+7.8%), “food, alcoholic drinks and tobacco” (+0.1%), “footwear, allied products and other clothing accessories” (+4.8%), “books, newspapers, stationery and gifts” (+20.1%), and “furniture and fixtures” (+2.9%).

On the flip side, the value of sales of electrical goods and other consumer durable goods not elsewhere classified dipped by 25.1% YoY, followed by sales of “commodities in department stores” (-3.0%), “motor vehicles and parts” (-9.9%), “fuels” (-14.5%), “Chinese drugs and herbs” (-21.9%), and “optical shops” (-9.4%).

The Census & Statistics Department (C&SD), citing the government, said the recovery of handling capacity and staging of more mega-events, and further revival of inbound tourism will benefit the retail sector.

“Rising household income and the Government's initiatives in boosting consumption sentiment should also provide support, though changes in consumption patterns of residents and visitors will continue to pose challenges,” the spokesperson added.