Hong Kong: Retail sales growth eases in April but remains in double digits
Retail sales increased 13.3% year on year in April (March: +39.1% yoy). The slowdown was partly the result of a tougher base effect, as in April last year sales benefitted from the easing of Covid-19 cases, the disbursement of consumption vouchers and the loosening of pandemic restrictions. In April this year, sales of jewelry, clothing and cosmetics drove the headline reading, boosted by surging visitor arrivals and a fresh consumption voucher handout to residents in the month.
Meanwhile, annual average retail sales growth rose to 6.0% in April (March: +5.5%), which marked an over one-year high.