In June, retail sales increased 13.4% over the same month last year, which represents an improvement over to the 12.2% expansion recorded in May. June's print overshot market expectations of a 10.6% increase. The acceleration resulted from higher sales of jewellery and valuable gifts as well as of consumer goods. Retail sales expanded a seasonally adjusted 2.8% in the three-month period up to June, compared to the previous period. The reading came in below the 3.6% increase observed in May. A government spokesman acknowledged the notable year-on-year increase in retail sales, which reflects resilient inbound tourism and upbeat consumer confidence in Hong Kong. The spokesman added that stable job market conditions and further growth in inbound tourism should buttress retail sales in the coming months. FocusEconomics Consensus Forecast panellists expect retail sales to expand 13.4% in 2013, which is up 0.6 percentage points over last month's projection. Next year, the panel sees retail sales accelerating to a 15.0% increase.
Hong Kong Retail
Retail sales accelerate in June
August 1, 2013
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Hong Kong Retail Chart
Note: Year-on-year changes and annual average variation in %.
Source: Census and Statistics Department Hong Kong and FocusEconomics calculations.
Hong Kong Economic News
October 5, 2016
The Nikkei Hong Kong Purchasing Managers’ Index (PMI) released by IHS Markit rose from August’s 49.0 to 49.3 in September.
September 30, 2016
Hopes last month that a recovery in retail sales might be underway were dampened in August on the back of declining numbers of mainland tourists.
September 22, 2016
Inflation came in at 4.3% in August, which was notably above July’s 2.3%.
September 5, 2016
The Nikkei Hong Kong Purchasing Managers’ Index (PMI) released by IHS Markit climbed from July’s 47.2 to 49.0 in August.
August 29, 2016
Although tourist visitors increased for the first time in July after 13 months of successive drops, the effect on retail sales appears to have been limited.