Hong Kong: Retail sales grow at fastest pace since March in August
October 4, 2021
Retail sales increased 14.7% year-on-year in August (July: +5.0% yoy). August's figure marked the best result since March. Looking at the details of the release, August's pick up was broad-based, with the fuel, supermarkets and food and alcoholic beverages sub-sectors all accelerating. Lastly, jewelry, watches and valuables sales rose at a stronger rate, while clothing and footwear sales gained steam.
Meanwhile, annual average retail sales growth rose to 3.1% in August (July: +0.7%). This signals an improving trend in the retail trade sector.
Author: Steven Burke, Economist