In February, retail sales rose 5.1% over the same month last year, which represented the slowest pace of expansion since January 2010. The moderation can be attributed to the Lunar New Year, which typically distorts economic activity in the in the first two months of the year. The figure was well below both the 23.6% increase recorded in January and market analyst expectations, which had retail sales expanding 13.8%. In seasonally-adjusted terms, retail sales increased 2.7% in the three-month period ending in February, compared to the previous period ending in November, which was below the 3.5% increase in January. A government spokesman stated that local consumer sentiment is strengthening on the back of improvements in the job market and income, together with robust inbound tourism. Going forward, these factors should continue to buttress consumption. The government expects full-year economic growth to range from 4.0% to 5.0%.
Hong Kong Retail
Lunar New Year drags on retail sales growth in February
March 31, 2011
Looking for forecasts related to Retail in Hong Kong? Download a sample report now.
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.