📋 Tender Overview
The Census and Statistics Department CSD released the latest figures on retail sales today October 3.
The value of total retail sales in August 2024 provisionally estimated at 292 billion decreased by 101 compared with the same month in 2023 The revised estimate of the value of total retail sales in July 2024 decreased by 117 compared with a year earlier For the first 8 months of 2024 taken together it was provisionally estimated that the value of total retail sales decreased by 77 compared with the same period in 2023.
Of the total retail sales value in August 2024 online sales accounted for 80 The value of online retail sales in that month provisionally estimated at 23 billion decreased by 05 compared with the same month in 2023 The revised estimate of online retail sales in July 2024 increased by 08 compared with a year earlier For the first 8 months of 2024 taken together it was provisionally estimated that the value of online retail sales decreased by 02 compared with the same period in 2023.
After netting out the effect of price changes over the same period the provisional estimate of the volume of total retail sales in August 2024 decreased by 118 compared with a year earlier The revised estimate of the volume of total retail sales in July 2024 decreased by 132 compared with a year earlier For the first 8 months of 2024 taken together the provisional estimate of the total retail sales decreased by 93 in volume compared with the same period in 2023.
Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing August 2024 with August 2023 the value of sales of commodities in supermarkets decreased by 36. This was followed by sales of jewellery watches and clocks and valuable gifts 240 in value other consumer goods not elsewhere classified 50 wearing apparel 134 electrical goods and other consumer durable goods not elsewhere classified 28 commodities in department stores 158 motor vehicles and parts 351 fuels 99 footwear allied products and other clothing accessories 63 furniture and fixtures 213 Chinese drugs and herbs 119 and optical shops 170.
On the other hand the value of sales of food alcoholic drinks and tobacco increased by 02 in August 2024 over a year earlier This was followed by sales of medicines and cosmetics 45 in value and books newspapers stationery and gifts 30.
Based on the seasonally adjusted series the provisional estimate of the value of total retail sales decreased by 20 in the three months ending August 2024 compared with the preceding threemonth period while the provisional estimate of the volume of total retail sales decreased by 28.
Commentary
A government spokesman said that the value of total retail sales recorded a yearonyear decline in August amid the continued impact of the change in consumption patterns the relatively strong Hong Kong dollar and increased outbound travels by residents during the summer holidays among other factors.
Looking ahead the spokesman said that the retail sector will still face challenges in the near term Nonetheless the Central Governments various measures benefitting Hong Kong as well as the Special Administrative Region Governments various initiatives to boost market sentiment and support the development of the sector would benefit retail businesses Continued economic growth rising employment earnings and an easing Hong Kong dollar exchange rate alongside the US interest rate cut would also provide support to the retail sector.
The spokesman added that the Hong Kong Trade Development Council has organised the inaugural Hong Kong Shopping Festival in August to help Hong Kong enterprises increase brand awareness and expand into Mainland ecommerce business. The Government will continue to support small and mediumsized enterprises SMEs including those in the retail sector through various measures including the SME Export Marketing Fund and Ecommerce Easy so as to assist enterprises in expanding their market as well as encourage enterprises to upgrade and transform their operations and develop ecommerce businesses thereby promoting more diversified development and new quality productive forces.
