NOV RETAIL SALES DOWN 7.3%

The value of total retail sales in November, provisionally estimated at $31.7 billion, decreased 7.3% compared with the same month in 2023, 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 8.3% lower year-on-year.

Of the total retail sales value in November, online sales accounted for 9.3%. Provisionally estimated at $2.9 billion, the value of online retail sales decreased 7% compared with a year earlier.

The value of sales of jewellery, watches and clocks, and valuable gifts decreased 5.4% in November year-on-year.

There were also declines in value of sales in the following categories: electrical goods and other consumer durable goods not elsewhere classified (-18%); wearing apparel (-7.5%); commodities in department stores (-12.3%); medicines and cosmetics (-2.9%); motor vehicles and parts (-34.4%); fuels (-9.9%); footwear, allied products and other clothing accessories (-1.7%); furniture and fixtures (-20.5%); books, newspapers, stationery and gifts (-6.5%); Chinese drugs and herbs (-19.3%); and optical shops (-11.8%).

On the other hand, the value of sales of commodities in supermarkets increased by 3.5% in November over a year earlier, followed by sales of other consumer goods not elsewhere classified which increased 1.4%, while sales of food, alcoholic drinks and tobacco increased 0.4%.

The Government said the year-on-year decline of total retail sales value was due to the change in consumption patterns and the relatively strong Hong Kong dollar.

It expects that the change in consumption patterns of visitors and residents will continue to weigh on the performance of the retail sector.

Nevertheless, the introduction of various measures by the central government to benefit Hong Kong, including the resumption and expansion of the multiple-entry Individual Visit Scheme for Shenzhen, together with the Hong Kong Special Administrative Region Government's various initiatives to boost market sentiment as well as increasing employment earnings, would be conducive to spending by both visitors and residents in the local market, it added.

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