2023.03.3111:59:00UTC+00Hong Kong Retail Sales Expand Most In 13 Years

Hong Kong's retail sales value grew at the fastest pace in thirteen years in February, underpinned by continued improvement in consumer sentiment and a sharp rebound in visitor arrivals, preliminary data from the Census and Statistics Department showed Friday.

The value of retail sales surged 31.3 percent year-on-year in February, much faster than the 6.9 percent rise in January.

Further, this was the strongest rate of growth since February 2010, when sales had surged 35.8 percent.

Meanwhile, online sales, which accounted for 7.8 percent of the total sales value in February, dropped 4.1 percent from last year versus a 3.4 percent fall in the previous month.

The annual growth in retail sales volume also accelerated to a 2-year high of 29.6 percent in February from 5.1 percent in the previous month.

Sales of jewellery, watches and clocks, and valuable gifts alone jumped 128.6 percent, and those of clothing, footwear and allied products were 104.1 percent higher compared to last year.

The continued improvement in consumer sentiment and the sharp rebound in visitor arrivals contributed to the sharp growth in retail sales. This was also due to the low comparison base last year.

Looking ahead, the retail sector performance will continue to benefit from the recovery of private consumption and inbound tourism, a government official said.