HK Medicines and Cosmetics Retail Sales Up 64.4% in March
- Chaileedo Press
- May 5, 2023
- 2 min read
Updated: Jun 2, 2023
HK Census and Statistics Department released the latest figures on retail sales. The total value of retail sales in March 2023 estimated at HK$33.6 billion ($4.29 billion), representing a significant increase of 40.9% compared to the same month in 2022. While medicines and cosmetics retail sales saw a remarkable growth of 64.4%.
HK Census and Statistics Department released the latest figures on retail sales. The total value of retail sales in March 2023 estimated at HK$33.6 billion ($4.29 billion), representing a significant increase of 40.9% compared to the same month in 2022. Furthermore, the revised estimate for the combined total value of retail sales in January and February 2023 showed a 17.3% increase compared to the same period in the previous year.
Out of the total retail sales value in March 2023, online sales accounted for 7.6%. According to provisional estimates, the value of online retail sales in March amounted to HK$2.6 billion ($331.95 million), indicating a decrease of 8.6% compared to the same month in 2022. The revised estimate for the combined value of online retail sales in January and February 2023 showed a 3.8% decrease compared to the same period in the previous year.
The value of retail sales for jewellery, watches and clocks, and valuable gifts increased by 165%. Wearing apparel saw 136% growth. Medicines and cosmetics retail sales increased by 64.4%. which was significantly lower than the growth rate of jewellery, watches and clocks, and valuable gifts.
Despite receiving many visitors, Sa Sa Intl, the HK-based retailer, said the Group’s retail and wholesale turnover increased by 30.3% year on year. Compared with the same period of the financial year of 2018/19 before the COVID-19 pandemic (“pre-pandemic period”), the Group’s turnover has recovered by 54.4%.
In 2022, the total revenue of another HK-based retailer Watsons reached HK$169.645 billion ($21.62 billion), representing a 2% year-on-year decline. The revenue in the Chinese market dropped significantly by 23%, marking the worst performance in nearly nine years. During the year, Watsons' EBITDA in the Chinese market was HK$1.09 billion ($138.89 million), a 59% year-on-year decline.
Despite normal travel between Hong Kong SAR and Mainland China partially resumed from this year, the HK retails are still facing challenge.
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