Hong Kong Retail Sales Recover 2.4%

(RTTNews) - Hong Kong's retail sales value increased for the first time in more than a year in May, preliminary data from the Census and Statistics Department showed on Wednesday.

The value of retail sales rose 2.4 percent year-on-year in May, reversing a 2.3 percent drop in March. Moreover, this was the first growth since March 2024.

Online sales, which accounted for 8.0 percent of the total sales value in April, increased by 0.3 percent from last year versus a 3.7 percent decline in the previous month.

Sales at department stores grew by 6.3 percent annually in May, and sales of other consumer goods climbed by 7.6 percent. Sales at supermarkets rose 1.3 percent, while the demand for jewelry, watches and clocks, and valuable gifts dropped by 3.2 percent.

"While the retail sector continues to adapt to the changes in consumption patterns, the government's proactive efforts in promoting tourism and mega events, in tandem with the increase in employment earnings and sustained steady growth of the mainland economy, will help bolster consumption sentiment and support the consumption market," a government spokesman said.