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Hong Kong Retail May 2023

Hong Kong: Retail sales growth rises in May

Retail sales expanded 16.5% year on year in May (April: +13.1% yoy). Rising tourism numbers and the disbursement of consumption vouchers to residents explain the strong retail reading. Looking at the details of the release, fuel sales contracted at a sharper pace in May, while supermarkets sales contracted at a milder, albeit still pronounced, rate. Lastly, sales of jewelry and clothing moderated but remained rapid; jewelry were up by more than half in annual terms for instance.

Meanwhile, the trend improved significantly, with the annual average growth of retail sales coming in at 7.7% in May, up from April’s 6.0%.

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