Total Retail Sales in Hong Kong Reaches RMB33.1 Bn in June with Pharmaceuticals and Cosmetics up 49%

A spokesman for the Hong Kong Government said that the outlook for retail sales is favorable, with visitor arrivals set to rise further in the coming months.

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Today (August 1), the Census and Statistics Department released figures showing that the provisional estimate of the value of total retail sales in June 2023 was 33.1 billion yuan ($4.6 billion), representing a year-on-year increase of 19.6%. The revised estimate of the value of total retail sales in May 2023 was up by 18.5% compared with a year earlier, and the provisional estimate of the value of total retail sales in the first half of 2023 was up by 20.7% compared with 2022.

Of overall sales, online sales were 2.2 billion yuan ($307 million) accounted for 6.7%, down 3.3% from the same period in 2022.The revised estimate of the value of online sales in the retail sector in May 2023 was down 3.7% compared to the same period in 2022. The provisional estimate of the value of online sales by retailer for the first half of 2023 declined 6.2% compared with the same period in 2022.

Analysed by provisional estimate of the value of goods sold by retailers, the faster growth in June this year was in jewelry, watches and clocks, and valuable gifts, up 64.3%, Other consumer goods, which means not elsewhere classified, rose 20.5%. The pharmaceuticals and cosmetics rose 49.4%. The department stores rose 4.2%. On the other hand, the value of goods sold in supermarkets fell by 3.5%.

A spokesman for the Hong Kong Government said that the value of total retail sales continued to rise markedly in June on a year-on-year basis, thanks to the recovery in inbound tourism and the positive consumer sentiment. The outlook for retail sales is favorable, with visitor arrivals set to rise further in the coming months. Local consumer demand was supported by improved labor market conditions and a number of government measures to consolidate the momentum of economic recovery.