Retail sales in Hong Kong fell 14.5 percent year-on-year in January of 2021, the biggest decrease in 6 months amid the 4th wave of coronavirus and distortions in the timing of the Lunar New Year. Local consumer spending normally attains a seasonal high before the Lunar New Year Festival which fell on February 12th this year but on January 25th last year. Still, retail sales have been falling consistently in the last 2 years due to the pandemic and social unrest. In January, biggest decreases were seen in sales of jewellry, watches and clocks (-45 percent) and clothing and footwear (-25.3 percent). A government spokesman pointed out that the business environment of the retail trade will still be difficult in the near term as the epidemic continues to pose a threat and inbound tourism remains frozen. source: Census and Statistics Department, Hong Kong
Retail Sales YoY in Hong Kong averaged 2.38 percent from 2005 until 2021, reaching an all time high of 30.60 percent in February of 2010 and a record low of -46.70 percent in February of 2020. This page provides the latest reported value for - Hong Kong Retail Sales YoY - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Hong Kong Retail Sales YoY - data, historical chart, forecasts and calendar of releases - was last updated on March of 2021.
Retail Sales YoY in Hong Kong is expected to be -5.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Retail Sales YoY in Hong Kong to stand at 5.50 in 12 months time. In the long-term, the Hong Kong Retail Sales YoY is projected to trend around 4.50 percent in 2022, according to our econometric models.