Hong Kong Retail May 2022

Hong Kong

Hong Kong: Retail sales dip in May

June 30, 2022

Retail sales dropped 4.9% year on year in May in volume terms (April: +8.0% yoy). The notable deterioration largely reflected a sharper contraction in food and alcoholic beverages sales, and a sharp drop in supermarket sales following growth in the prior month. While May’s reading was markedly weaker than markets had expected, it could have been partly due to consumers shifting more spending to services as Covid-19 restrictions were eased. May’s reading could also have reflected the easing of pent-up demand for goods following April’s stellar growth figure.

Meanwhile, annual average retail sales growth fell to 0.5% in May (April: +1.7%). This signals a worsening trend in the retail trade sector.

FocusEconomics Consensus Forecast panelists project real retail sales to increase 0.7% in 2022, which is down 0.8 percentage points from last month’s forecast. In 2023, the panel sees retail sales expanding 8.0%.


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Hong Kong Retail Chart

Hong Kong Retail May 2022

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

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