1st August 2024 – (Hong Kong) The Census and Statistics Department (C&SD) of Hong Kong released the latest retail sales figures today, indicating a continued decline in the value of total retail sales in June 2024, but at a slower rate compared to the previous year.
The value of total retail sales in June 2024 was provisionally estimated at $29.9 billion, a decrease of 9.7% compared to June 2023. However, this represents an improvement from the revised 11.4% decrease in May 2024 compared to the same month a year earlier. For the first half of 2024, the value of total retail sales was provisionally estimated to have decreased by 6.6% compared to the same period in 2023.
The value of online retail sales in June 2024 increased by 5.2% compared to the same month in 2023, reflecting a continued shift towards e-commerce. For the first six months of 2024, the value of online retail sales decreased by 0.3% compared to the same period in 2023.
Analysed by broad type of retail outlet, the value of sales declined in most categories, with the notable exception of medicines and cosmetics, which increased by 3.4%, and books, newspapers, stationery and gifts, which saw a 0.1% increase.
A government spokesman commented that the narrowing decline in retail sales value reflects signs of stabilisation in retail activities, despite the continued challenges faced by the sector. The spokesman highlighted the Central Government’s measures and the Hong Kong government’s efforts to support the retail sector, including initiatives to promote a mega event economy and assist enterprises in upgrading and expanding into the Mainland e-commerce market.
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