Hong Kong recorded retail sales growth of 6.4 per cent year over year during December.

The growth was driven by increased spending in health and beauty and clothing.

MasterCard Advisors expects retail spending to continue to grow at such a rate.

“This is the most important social and economic event of the year for China so, while we expect to see that reflected in retail sales next month,” said Sarah Quinlan, senior VP, market insights for MasterCard Advisors.

As one of the world’s leading international financial centres, Hong Kong has ranked as the freest economy in the world for 20 consecutive years. Being a well-known destination for travellers from around the world, tourist shopping contributes significantly to the total retail sales in Hong Kong.

“Spending by mainland China visitors is an important driving force underpinning the growth of retail sales in Hong Kong,” said Quinlan.