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Hong Kong retail sales show steady growth ahead of voucher scheme

Hong Kong retail sales improved again in July, up 2.9 per cent over the same month last year as the local Covid outbreak remained stable and the labour market improved. 

Data from the Census and Statistics Department show’s July’s improvement was exactly half the pace of June’s, however year-to-date sales are up by 7.6 per cent. 

A government spokesman said the territory government’s electronic consumption vouchers that began to be disbursed in August will help stimulate consumption sentiment and will render support to the retail business over the rest of the year. 

“Yet, it is essential for the community to keep the epidemic under control and strive towards more widespread vaccination, so as to strengthen the foundation for the continued recovery of the retail sector and the overall economy,” he said. 

Local online sales accounted for an estimated 7.5 per cent of the total retail market in July, representing an increase of 29 per cent over the same month last year. 

For the first seven months of this year, the value of online retail sales increased by 50.6 per cent compared with 2020. 

Long the most impactful category of retailing on the territory’s overall retail performance, the jewellery, watches and valuable gifts sector achieved a 27.1 per cent year-on-year improvement in July. 

Supermarkets sales, however, decreased by 19.4 per cent and department store sales by 9.6 per cent.

  • Main image: @PicUzi via Twenty20.

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