Latest reading: Retail sales increased 0.6% month-on-month in seasonally adjusted terms in July (June: +0.3% mom), beating market expectations. However,...
Retail Sales in Hong Kong
The Hong Kong economy recorded an average growth rate of -2.6% in retail sales over the decade to 2024, above East & South Asia's average of 6.8%. In 2024, Hong Kong's retail sales growth was -9.0%.
Hong Kong Retail Chart
Note: This chart displays Retail Sales (ann. var. %) for Hong Kong from 2014 to 2024.
Source: Macrobond.
Hong Kong Retail Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Retail Sales (ann. var. %) | -25.5 | 6.5 | -3.3 | 13.8 | -9.0 |
Retail sales bounce back in July
Latest reading: Retail sales rose 1.0% in year-on-year terms in July, which contrasted June's 0.3% decrease. Looking at the details of the release, the rise was largely fueled by stronger sales of jewelry and other consumer goods, plus a rebound in clothing sales. July’s retail sales reading was only the second expansion in the last seventeen months, likely supported by strong tourist inflows and Hong Kong dollar depreciation encouraging some Hong Kongers to spent locally rather than on the mainland. Meanwhile, the trend improved significantly, with the annual average variation of retail sales coming in at minus 5.9%, up from June's minus 7.1%.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Hong Kong retail projections for the next ten years from a panel of 1 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable retail forecast available for Hong Kong retail.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Hong Kong retail projections.
Want to get access to the full dataset of Hong Kong retail forecasts? Send an email to info@focus-economics.com.
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