Hong Kong Cosmetics Retail Sales up 51.5% in May
- Chaileedo Press
- Jul 4, 2023
- 2 min read
Retail sales of cosmetics in Hong Kong reached HK$2.64 billion ($337.2 million) in May 2023 compared to the same period last year, a significant increase of 51.5%.
On July 3, the Hong Kong Census and Statistics Department released data showing that the provisional estimate of the value of total retail sales in May 2023 was HK$34.5 billion ($4.4 billion), up 18.4% year-on-year. The revised estimate of the value of total sales in April 2023 was up 14.9% compared with the same period in 2022. Compared with 2022, the provisional estimate of the value of total retail sales in the first five months of 2023 combined was up 21.0%.
Of the overall sales, online sales were HK$2.2 billion ($281 million), which account for 6.3% of the total retail sales, down 3.7% from the same period in 2022. The revised estimate of the value of retail online sales for April 2023 was down 13.2% from the same period in 2022. The provisional estimate for the value of retail online sales for the first five months of 2023 combined declined 6.6% compared to the same period in 2022.
Excluding price changes during the period, the provisional estimate for the number of total retail sales in May 2023 rose 16.5% from the same month in 2022. The revised estimate for the number of total retail sales in April 2023 rose 13.1% from the same month in 2022. The provisional estimate of total retail sales volume for the first five months of 2023 combined is up 19.2% compared to the same period in 2022.
By product category, the value of sales of jewelry, watches and clocks and valuable gifts rose by 51.8% in May 2023 compared with the same month in 2022. The value of sales of pharmaceuticals and cosmetics rose by 51.5% to HK$2.64 billion ($337.2 million).
(Credit: from the Hong Kong Census and Statistics Department)
A spokesman for the Hong Kong government said that with the continuous improvement in the consumer atmosphere and the number of visitors to Hong Kong, the total value of retail sales rose significantly year-on-year in May. For the future, the spokesman pointed out that the recovery of tourism and local consumption demand should continue to help the retail industry performance, the government will also issue consumption vouchers to provide further support.
Comments