Retail sales in Hong Kong fell by 1.5% year-on-year in September of 2022, following a marginally revised 3% decline in the previous month. It was the second consecutive contraction, driven by the lower purchases in most sub-indexes led by food alcoholic drinks and tobacco products (-13.9%) such as bread, pastry, confectionery and biscuits (-24.9%), department stores (-19.9%), clothing and footwear (-10.2%), fuels (-7.8%), and supermarkets (-4.7%). Conversely, large increases in sales were reported from consumer durable goods (16.8%) such as motor vehicle parts (26.8%) and electrical goods and other consumer goods not elsewhere classified (18.2%). Looking ahead, the government pointed out that the consumption demand in the near term will be supported by the generally stable local epidemic situation, along with the improved labor market conditions and the consumption voucher scheme. However, constraints in financial conditions will progressively offset the positive effect. source: Census and Statistics Department, Hong Kong
Retail Sales YoY in Hong Kong averaged 2.49 percent from 2005 until 2022, reaching an all time high of 31.00 percent in February of 2021 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 November of 2022.
Retail Sales YoY in Hong Kong is expected to be -0.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Hong Kong Retail Sales YoY is projected to trend around -1.20 percent in 2023 and 4.10 percent in 2024, according to our econometric models.