Hong Kong Retail January 2021

Hong Kong

Hong Kong: Retail sales dip in January

February 4, 2021

Retail sales declined 14.5% in year-on-year terms in January, which was a deterioration from December's -14.0% decrease. Looking at the details of the release, January's drop was largely driven by a fall in fuel sales. In addition, sales also contracted in both the supermarkets, and food and non-alcoholic beverages sub-sectors. Lastly, jewellery, watches and valuables sales decreased at a softer rate, while clothing and footwear sales contracted at a softer pace than in the previous month.

Meanwhile, the trend improved, with the annual average variation of retail sales coming in at minus 23.4%, up from December's minus 24.1% reading.

FocusEconomics Consensus Forecast panelists project real retail sales to increase 11.5% in 2021, which is up 3.1 percentage points from last month’s forecast.


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Hong Kong Retail Chart

Hong Kong Retail January 2021

Note: Year-on-year changes and annual average variation in %.
Source: Consensus and Statistics Department Hong Kong

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