Hong Kong Retail March 2022

Hong Kong

Hong Kong: Decline in retail sales softens in March

May 5, 2022

Retail sales fell 16.9% year-on-year in March (February: -17.5% yoy). The softer drop was due to a smaller contraction in food and alcoholic beverages sales. Meanwhile, fuel sales deteriorated. Lastly, jewelry, watches and valuables, and clothing and footwear sales declined at a sharper rate than in February.

Meanwhile, annual average retail sales growth fell to 2.0% in March (February: +5.0%).

Over Q1 as a whole, retail sales were down 10.4%, hit by Covid-19 restrictions. However, private spending should improve somewhat from April thanks to the disbursement of government stimulus vouchers and the lifting of some restrictions on domestic activity.

FocusEconomics Consensus Forecast panelists project real retail sales to increase 9.5% in 2022, which is down 2.1 percentage points from last month’s forecast. In 2023, the panel sees retail sales expanding 10.4%.


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