The total retail sales value in Hong Kong in February increased by 19.3% year-on-year, far exceeding expectations, with a cumulative increase of 11.8% in the first two months of this year

The Census and Statistics Department announced that the provisional estimate of the total retail sales value for February this year was HKD 35 billion, an increase of 19.3% year-on-year, far exceeding the market expectation of a 12.2% year-on-year increase. The revised estimate for the total retail sales value in January this year showed a year-on-year increase of 5.5%. Compared to the same period last year, the provisional estimate of the total retail sales value for the first two months of this year increased by 11.8%.

In February this year, online sales accounted for 8.5% of the total retail sales value. The provisional estimate of the online sales value for the retail sector in that month was HKD 3 billion, a year-on-year increase of 29%. The revised estimate for the online sales value in January this year showed a year-on-year increase of 26%. Compared to the same period last year, the provisional estimate of the online sales value for the first two months of this year increased by 27.5%.

After excluding price changes, the provisional estimate of the total retail sales volume in February this year increased by 17.5% year-on-year. The revised estimate for the total retail sales volume in January this year showed a year-on-year increase of 3.5%. Compared to the same period last year, the provisional estimate of the total retail sales volume for the first two months of this year increased by 9.8%.

Analyzing the provisional estimates of sales value by major retail categories from high to low, the total sales for the first two months of this year compared to the same period last year showed an increase of 13.1% for other unclassified consumer goods. This was followed by jewelry, watches, and luxury gifts (sales value increased by 27.8%); supermarket goods (increased by 3.3%); clothing (increased by 6.2%); food, alcoholic beverages, and tobacco (increased by 2.6%); pharmaceuticals and cosmetics (increased by 8.3%); electrical appliances and other unclassified durable consumer goods (increased by 32.4%); department store goods (increased by 5.8%); automobiles and auto parts (increased by 28.5%); footwear, related products, and other clothing accessories (increased by 9.6%); books, newspapers, stationery, and gifts (increased by 3%); furniture and fixtures (increased by 13%); and optical shops (increased by 9.2%).

On the other hand, compared to the same period last year, the sales value of fuel decreased by 14.2% in the first two months of this year. This was followed by traditional Chinese medicine (sales value decreased by 0.8%).

A government spokesperson stated that retail sales further strengthened at the beginning of this year. To eliminate the impact of the Lunar New Year timing differences compared to last year, the total retail sales value for January and February combined showed a significant year-on-year increase of 11.8%. Most major retail categories recorded growth.

Looking ahead, the local economic growth momentum remains strong, and the number of visitors to Hong Kong is expected to continue supporting the retail business. At the same time, the government will continue to closely monitor the developments in the geopolitical situation and assess its potential impact on the local consumer market