The provisional estimate of the total retail sales value in Hong Kong for January is HK$365 billion, an increase of 0.9% year-on-year.

On March 1, the Hong Kong government statistics department released the retail sales figures for January 2024. The temporary estimate for the total retail sales value in Hong Kong in January 2024 was HK$36.5 billion, an increase of 0.9% compared to the same period last year. The revised estimate for the total retail sales value in December 2023 showed a 7.8% increase compared to the same month in 2022. In January 2024, online sales accounted for 6.5% of the total retail sales value. The temporary estimate for online retail sales value in that month was HK$2.4 billion, a decrease of 20.9% compared to the same period last year. The revised estimate for online retail sales value in December 2023 showed a 29.5% decrease compared to the same month in 2022. After adjusting for price changes, the temporary estimate for the total retail sales quantity in January 2024 showed a 1.2% decrease compared to the same period last year. The revised estimate for the total retail sales quantity in December 2023 showed a 4.8% increase compared to the same month in 2022. When analyzing the temporary estimates of sales value by major categories of retailers from highest to lowest, comparing January 2024 to January 2023, sales value of jewelry, watches, and precious gifts increased by 25.2%. Other categories that saw an increase include uncategorized consumer goods (7.4% increase), clothing (5.2% increase), drugs and cosmetics (25.2% increase), automobiles and auto parts (23.7% increase), furniture and fixtures (20.5% increase), books, stationery and gifts (27.8% increase), and optical shops (0.7% increase). However, it should be noted that these changes may be affected by the different timing of the lunar new year mentioned earlier. On the other hand, comparing January 2024 to the same month in 2023, the sales value of supermarket goods decreased by 9.3%. Other categories that saw a decrease include food, alcoholic beverages and tobacco (8.0% decrease), electrical appliances and other uncategorized durable consumer goods (26.2% decrease), department store goods (9.2% decrease), fuel (14.5% decrease), footwear, related products and other clothing accessories (8.2% decrease), and Chinese medicine (20.1% decrease). For the three months ending in January 2024 compared to the previous three months, the temporary estimate of seasonally adjusted total retail sales value showed a 3.2% decrease, while the temporary estimate of seasonally adjusted total retail sales quantity showed a 3.0% decrease. Commentary A spokesperson for the Hong Kong government stated that while the total retail sales value continued to increase year-on-year in January, the rate of increase has slowed down, partly due to the different timing of the lunar new year. Therefore, with the retail data for February, analyzing the combined data for two months and other relevant factors will allow for a more effective assessment of the latest retail sales performance. Looking ahead, the spokesperson pointed out that an increase in visitor arrivals as capacity for receiving them further recovers and hosting major events will be beneficial for the retail sector. Increased household income and measures taken by the Hong Kong government to boost consumer sentiment should also provide support. The government will continue to monitor the situation.