Hong Kong: Retail sales growth gains steam in November
Retail sales grew 12.3% compared to the same month of the previous year in November, which was above October’s 2.9% increase. November’s upturn largely reflected accelerating clothing and jewelry sales, which were boosted by rising tourism. However, November’s double-digit growth was partly the result of a favorable base effect, given the contraction in retail sales recorded in November 2023.
Meanwhile, the trend improved notably, with the annual average growth of retail sales coming in at 14.3%, up from October’s 12.8%.