Hong Kong'S Total Retail Sales In March Rose By More Than 40% Year On Year

The Statistics Department of the Hong Kong Special Administrative Region Government announced on the 4th that the provisional estimate of the total sales value of Hong Kong's retail industry in March 2023 was HK $33.6 billion, up 40.9% year on year.

According to the provisional estimates of the sales value of major categories of retailers, from high to low, the sales value of jewelry, watches and precious gifts in March this year increased by 165% year on year; Followed by other unclassified consumer goods, up 38.2%; Clothing up 136%; Food, alcoholic drinks and tobacco increased by 14%; Department store goods, drugs and cosmetics, cars and auto parts and fuel all recorded increases.

However, the sales value of supermarket goods decreased by 6.5% year on year; This was followed by electrical appliances and other non classified durable consumer goods, with a decrease of 8.2%.

Luo Zhenbang, executive director of the Hong Kong Retail Management Association, pointed out that the total sales value of the retail industry in March this year was not much different from that in February. Its growth was due to the low base of last year, and the turnover of related industries was driven by the "customs clearance" in February. However, electrical appliances and supermarket business declined, indicating weak local consumption. He believes that there will be a slack season after the May Day holiday, and the retail industry will not recover until the summer vacation.

A spokesman for the SAR government said that the recovery of tourism and private consumption in Hong Kong should continue to benefit the retail industry, and a new round of issuance of consumer coupons will also provide additional support.