Retail Sales in Hong Kong
Hong Kong - Retail Sales
Retail sales contract for fourth consecutive month in May
Retail sales by volume fell 1.7% year-on-year in May, which was however an improvement from the 5.0% contraction logged in April. The print was driven by lower supermarket sales, as well as a sharp decline in sales of fuels and consumer durable goods. Sales of luxury goods as well as food, alcohol and tobacco (excluding supermarkets), and clothing and footwear also declined, albeit at a more modest pace. On the flipside, department store sales and sales of other consumer goods rebounded from the contraction logged in April.
On a seasonally-adjusted, three-month-moving-average basis, retail sales volume in the March–May period rose 0.5% from the preceding three-month period ending in February, down from the 0.9% increase recorded in the February–April period. Overall, the annual average variation in retail sales volume continued to fall, from 2.8% in the 12 months up to April to just 1.7% in the period ending in May. Looking ahead, the softening in private spending observed since the first quarter is likely to persist beyond Q2 due largely to a sustained slowdown in the mainland, and the ongoing effects of the U.S.-China trade war, which is still largely unresolved despite the rekindling of bilateral talks since the G20 meeting on 28-29 June.
Commenting on the reading, a government spokesperson noted that “the outlook for retail sales will likely be clouded by the still-cautious consumption sentiment amid an uncertain global economic environment. Nevertheless, the sustained expansion in inbound tourism and the largely stable local labour market should continue to provide some support.”
FocusEconomics Consensus Forecast panelists expect retail sales to increase 0.5% in 2019, which is down 1.2 percentage points from last month’s forecast. For 2019, the panel sees retail sales growing 3.3%.
Hong Kong - Retail Sales Data
|Retail Sales (annual variation in %)||-||-||-||-||-|
5 years of economic forecasts for more than 30 economic indicators.
Hong Kong Retail Sales Chart
Source: Census and Statistics Department Hong Kong and FocusEconomics calculations.
Hong Kong Facts
|Bond Yield||1.63||3.38 %||Jul 11|
|Exchange Rate||7.82||-0.11 %||Jul 11|
|Stock Market||28,432||-1.92 %||Jul 11|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
July 4, 2019
The Nikkei Hong Kong Purchasing Managers’ Index (PMI), released by IHS Markit, rose from 46.9 in May, the lowest reading since June 2016, to 47.9 in June.
July 2, 2019
Retail sales by volume fell 1.7% year-on-year in May, which was however an improvement from the 5.0% contraction logged in April.
June 21, 2019
Inflation declined slightly to 2.8% in May, from 2.9% in April.
June 5, 2019
The Nikkei Hong Kong Purchasing Managers’ Index (PMI), released by IHS Markit, fell from 48.4 in April to 46.9 in May, the lowest reading since June 2016.
May 31, 2019
Retail sales by volume fell 5.0% year-on-year in April, worsening from the 0.8% contraction logged in March.