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Hong Kong Retail January 2024

Hong Kong: Retail sales deteriorate in January

Retail sales fell 1.2% in year-on-year terms in January, which contrasted December’s 4.8% increase. January’s result marked the worst reading since November 2022, but was likely distorted by the Lunar New Year, which fell in February this year compared to January in 2023. Hong Kong retail sales are still languishing well below their pre-Covid-19 levels, weighed on by the still-incomplete recovery in tourist arrivals and the increasing number of Hong Kongers opting to shop on the mainland.

Looking at the details of the release, January’s drop was largely driven by falls in fuel, clothing supermarkets and food and alcoholic beverages sales.

Meanwhile, annual average retail sales growth fell to 14.2% in January (December: +14.7%). This signals a worsening trend in the retail trade sector.

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