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Hong Kong Retail October 2023

Hong Kong: Retail sales record lowest growth since December 2022 in October

Retail sales rose 2.6% compared to the same month a year earlier in October, which was a deterioration from September’s 10.0% increase. The result marked the worst reading since December 2022. However, this could be in part due to the Golden Week holiday falling partly in September this year—the Golden Week is normally associated with higher consumer spending. Looking at subsectors, a decline in food sales and much slower growth in clothing sales were behind October’s slowdown.

Meanwhile, the trend with the annual average growth of retail sales coming in at 12.8% in October, September’s 12.8%.

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