Consumer spending picks up in Hong Kong, with retail sales rising 5.6% in August
Hong Kong’s retail sales rose by 5.6 per cent year on year in August, with the latest figures showing consumer spending picking up after growth eased for two consecutive months. The retail sales value reached HK$32 billion (US$4.1 billion), according to provisional figures released by the Census and Statistics Department on Friday. Sales in the first eight months of the year rose by 8.5 per cent…
Retail sales in Hong Kong surged by 5.6% year-on-year in August, marking an improvement after two months of slower growth. The retail sector's value reached HK$32 billion (US$4.1 billion), as reported by the Census and Statistics Department on Friday.
The increase was widespread across various types of retail outlets, with online retail sales experiencing a notable boost. This shift in consumer spending towards digital channels reflects a growing preference for online shopping.
The latest figures followed a 4.5% rise in July, when retail sales reached HK$31 billion, the lowest monthly value in the first seven months of the year. Growth had decelerated from 7.9% in May to 4.6% in June.
Electrical goods and other consumer durables saw the most significant increase, with sales rising by 29.1% year-on-year. Following this, jewellery, watches, and clocks, and valuable gifts experienced an 11.9% increase. However, motor vehicles and parts sales experienced the steepest decline, falling by 22%.
The Hong Kong Retail Management Association had previously cautioned that August sales would likely underperform expectations. A survey conducted by the association, which involved approximately 3,100 shops and 75,000 employees, revealed that around 40% of respondents reported weaker-than-anticipated performance.
Association chairwoman Annie Tse Yau On-yee stated last month that while foot traffic remained robust in traditional tourist districts, visitors' spending power was still relatively weak. Despite this, Hong Kong's economy grew by 4.3% year-on-year in the second quarter, while private consumption expenditure rose by 2.8% in real terms, down from 4.9% in the previous quarter.
Written by urgent.news from South China Morning Post - Hong Kong's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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