In May, retail sales rose 21.6% over the same month last year. The print was slightly below the revised 22.1% expansion in April (previously reported: +21.9% year-on-year) but exceeded market analyst expectations, which had retail sales expanding a softer 18.4%. The monthly expansion was driven by resilient growth in sales of consumer durable goods as well as jewellery, watches and valuable gifts, while sales of food dropped for a second consecutive month. In seasonally adjusted terms, retail sales rose 8.0% in the three-month period ending in May compared to the previous period ending in February, which was above the 6.0% increase recorded in April and confirmed the resilience of consumer demand. A government spokesman stated that domestic demand as well as robust tourist spending will continue to buttress consumption. Moreover, the government expects GDP to expand 5.0%-6.0% this year, owing to strong economic activity.
Hong Kong Retail
Retail sales remain robust in May on tourism boost
July 4, 2011
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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.