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Second quarter retail sales in Hong Kong rebound

(Source: Bigstock.)

Second-quarter retail sales in Hong Kong rebounded sharply from the first quarter, according to data released by Census and Statistics Department.

While sales for the month of June were down by 1.2 per cent year on year, during the three months to June, seasonally adjusted sales were up by 16.4 per cent against the March quarter. 

A government spokesman said that while quarterly sales were up sharply, the momentum softened in the latter part of the quarter as Covid-19 cases rose and banks hiked interest rates. 

The spokesman said the upcoming disbursement of Phase II consumption vouchers would help boost retail sales, but the market would be dependent on how the local epidemic evolves and the impact of tighter financial conditions on consumers’ spending power and sentiment. 

Online sales accounted for 8.2 per cent of the territory’s overall sales for the month, or a 0.5 per cent greater share than in June last year. 

During the first half of this year, the value of online retail sales in Hong Kong rose by 24 per cent compared with the same period last year. 

Most retail categories showed little year-on-year movement in June, with the exceptions being electrical and consumer durable goods down by 13.3 per cent, and footwear and accessories down by 8.6 per cent. Sales by optical shops rose by 9.5 per cent. 

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