Hong Kong: Retail sales drop again in July
Retail sales fell 13.3% year on year in July (June: -11.2% yoy). Looking at the details of the release, the...
Retail Sales in Hong Kong
The Hong Kong economy recorded an average growth rate of -2.3% in retail sales in the decade up to 2022, below the 8.2% average for the Asia-Pacific region. In 2022, the retail sales growth rate was -3.3%.
Hong Kong Retail Chart
Note: This chart displays Retail Sales (ann. var. %) for Hong Kong from 2014 to 2023.
Source: Macrobond.
Hong Kong Retail Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Retail Sales (ann. var. %) | -12.3 | -25.5 | 6.5 | -3.3 | 13.8 |
Retail sales drop again in June
Retail sales fell 11.2% year on year in June (May: -12.7% yoy). June's somewhat smaller drop was driven by weaker contractions in fuel and clothing sales. Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at 0.5%, down from May's 2.8% reading. Hong Kong retail sales fell by double digits in Q2 as a whole and are still languishing well below their pre-Covid-19 levels, weighed on by the still-incomplete recovery in tourist arrivals and the increasing number of Hong Kongers opting to shop on the mainland.
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 3 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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