June retail sales dip 9.7%

The value of total retail sales in June, provisionally estimated at $29.9 billion, decreased 9.7% compared with the same month last year, the Census & Statistics Department announced today.

After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales for the month was 11.2% lower year-on-year.

Of the total retail sales value in June, online sales accounted for 7.8%. Provisionally estimated at $2.3 billion, the value of online retail sales increased 5.2% compared with a year earlier.

The value of sales of jewellery, watches and clocks, and valuable gifts dropped 23.1% in the month compared with a year earlier.

This was followed by sales of other consumer goods not elsewhere classified (-1.2%); commodities in supermarkets (-0.5%); wearing apparel (-13.2%); food, alcoholic drinks and tobacco (-5.7%); electrical goods and other consumer durable goods not elsewhere classified (-4.7%); commodities in department stores (-18.6%); motor vehicles and parts (-25.1%); fuels (-12.3%); furniture and fixtures (-9.8%); footwear, allied products and other clothing accessories (-9.1%); Chinese drugs and herbs (-2.8%); and optical shops (-13.9%).

By contrast, the value of sales of medicines and cosmetics increased 3.4% in June 2024 over a year earlier, followed by sales of books, newspapers, stationery and gifts (+0.1%).

The Government said that while the value of total retail sales continued to decline in June from a year earlier amid the changing consumption patterns of visitors and residents and the strong Hong Kong dollar, the rate of decline narrowed further.

Looking ahead, the retail sector will still face challenges in the near term. However, the central government's various measures benefitting Hong Kong, as well as the Hong Kong Special Administrative Region Government 's strenuous efforts to promote a mega event economy and support the development of the local retail sector, should benefit the sector.

Continued growth of the economy and rising employment earnings should also provide support to the retail sector, it added.