HK Medicines and Cosmetics Retail Sales Increased by 35% in April
- Chaileedo Press
- Jun 2, 2023
- 2 min read
Updated: Jun 5, 2023
Hong Kong Census and Statistics Department released the provisional statistics of retail sales for April 2023. The value of total retail sales in April provisionally estimated at HK$34.7 billion ($4.43 billion), saw growth of 15% compared to last year. Medicines and cosmetics retail sales up 34.8% to HK$2.953 billion ($377.02 million).
The Census and Statistics Department of Hong Kong published the preliminary data on retail sales for April 2023. According to the report, the total value of retail sales in April was provisionally estimated at HK$34.7 billion ($4.43 billion), which reflects a growth of 15% when compared to the same period last year. The sales of medicines and cosmetics increased significantly by 34.8% to HK$2.953 billion ($377.02 million).
The provisional estimate suggests that the total value of retail sales increased by 21.7% during the first four months of 2023 when compared with the same period in 2022.
In April 2023, online sales accounted for 6.4% of the total retail sales value, with a provisional estimate of HK$2.2 billion ($280.89 million). This amount reflects an 11.9% decrease when compared to April 2022. The revised estimate for online retail sales in March 2023 showed a decrease of 9.1% compared to the same month in the previous year. The provisional estimate for the first four months of 2023 suggests that the value of online retail sales decreased by 6.9% when compared to the same period in 2022.
When considering the provisional estimate of the value of sales in descending order by broad type of retail outlet and comparing April 2023 with April 2022, the sales of jewelry, watches, clocks, and valuable gifts saw the largest increase at 75.2%. This was followed by sales of wearing apparel, which increased by 38.6%. Sales of medicines and cosmetics increased by 34.8%, while sales of other consumer goods not elsewhere classified increased by 17.8%. Commodities in department stores saw a 14.0% increase in value, and finally, sales of food, alcoholic drinks, and tobacco increased by 3.9%.
According to the seasonally adjusted series, the provisional estimate indicates that the value of total retail sales increased by 29.2% in the three months ending April 2023 when compared to the preceding three-month period. Additionally, the provisional estimate of the volume of total retail sales increased by 25.5% during the same period.
According to a government spokesman, the visible increase in the value of total retail sales in April 2023 compared to the same period in the previous year can be attributed to the improving consumption sentiment and increased visitor arrivals. The spokesman also mentioned that the revival of inbound tourism and local consumption demand is expected to continue to positively impact the performance of the retail sector.
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