Hong Kong: Retail sales record best result on record in March
Retail sales grew 39.4% year on year in March (February: +29.6% yoy). March’s figure marked the best reading on record, with sales of clothing and jewelry rising at particularly sharp paces. Retail sales have been buoyed in recent months by the return of tourists, particularly those from mainland China. A low base effect—Hong Kong was subject to lockdown restrictions in Q1 last year—flattered the figures.
Meanwhile, the trend improved sizably, with the annual average growth of retail sales coming in at 5.5%, up from February’s 0.9%.