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Hong Kong Retail January 2023

Hong Kong: Retail sales notch quickest growth since April 2022 in January

Retail sales grew 5.2% year on year in January (December: -0.6% yoy). January’s print marked the best reading since April 2022. Lower unemployment and stronger visitor arrivals—thanks to the reopening of the border with mainland China and looser travel restrictions more generally—provided support. However, January’s reading was likely flattered by the timing of the Lunar New Year festival, which fell in January this year compared to February last year—consumer demand tends to spike in the run-up to the festival. January’s notable turnaround was largely driven by a softer fall in fuel sales and rebounds in sales of clothing and jewelry.

Meanwhile, the trend improved slightly, with the annual average variation of retail sales coming in at minus 3.1% in January, up from December’s minus 3.4% reading.

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