Retail sales in Hong Kong declined by 2.9% year-on-year in August of 2022, compared to an upwardly revised 1.1% increase in July. Sales fell in almost all major categories, primarily department stores (-14.8% vs -12.4% in July); clothing, footwear and allied products (-13.3% vs -4.1%); fuels (-7.1% vs -5.7%); supermarkets (-4.3% vs -1.9%) and food, alcoholic drinks and tobacco (-2.6% vs -3%). Conversely, increases were seen in sales of jewellery, watches and clocks, and valuable gifts (5.6% vs 33%) and consumer durable goods (7% vs -3.7%), mostly motor vehicles and parts (43.4% vs -11.8%). Looking ahead, a government spokesman pointed out that the moderating local epidemic situation, improving labour market conditions and the Phase II Consumption Voucher Scheme will continue to support consumption sentiment and demand in the near term, but the increasingly tight financial conditions will pose constraints. source: Census and Statistics Department, Hong Kong
Retail Sales YoY in Hong Kong averaged 2.51 percent from 2005 until 2022, reaching an all time high of 31 percent in February of 2021 and a record low of -46.70 percent in February of 2020. This page provides the latest reported value for - Hong Kong Retail Sales YoY - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Hong Kong Retail Sales YoY - data, historical chart, forecasts and calendar of releases - was last updated on October of 2022.
Retail Sales YoY in Hong Kong is expected to be 5.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Hong Kong Retail Sales YoY is projected to trend around 4.50 percent in 2023, according to our econometric models.