Hong Kong skyline from above

Hong Kong Retail December 2017

Hong Kong: Retail sales growth moderates in December, but remains robust

Retail sales volumes grew 4.3% in annual terms in December, decelerating from the revised 7.0% jump—a 33-month-high—recorded in November (previously reported: +6.9% year-on-year). Robust employment and income dynamics, coupled with improving inbound tourism, were behind December’s robust reading.

Sales performance was mixed across outlet types. Annual sales growth at outlets of consumer durable goods and other consumer goods remained strong in the month, despite decelerating from November. Notably, year-on-year sales growth of luxury items—whose sales are typically tied to inbound tourism from mainland China—moderated somewhat in December, despite the influx of visitors. Meanwhile, supermarkets and fuel outlets recorded larger drops in annual sales from November, while non-supermarket food and beverage sales swung into contraction in the month.

For the full-year 2017, growth in retail sales rebounded after three years of consecutive declines, climbing to 1.9% from a 7.1% contraction in 2016.

A government spokesperson noted that:

“Retail sales increased solidly in December 2017 over a year earlier, reflecting the upbeat consumption sentiment amid favorable employment and income conditions. The continued revival of inbound tourism also helped.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest