Hong Kong retail sales rise for seventh month in a row

(Source: Reuters )

Hong Kong retail sales continued to recover in June, marking the seventh consecutive month of growth as the territory welcomes more inbound tourists. 

June sales were up 19.6 per cent year on year, reaching US$4.25 billion and exceeding May’s 18.5 per cent increase.  

A government spokesman said the outlook for retail sales remained favourable. “While visitor arrivals should increase further in the coming months, improved labour market conditions and the government’s various measures to boost the momentum of the economic recovery, such as the disbursement of consumption vouchers, should render support to local consumption demand.”

According to the Census and Statistics Department, online sales accounted for 6.7 per cent of overall retail turnover for June, which was down 3.3 per cent on the same month a year earlier. 

During the first half of this year, retail sales are up by 18.9 per cent in volume year on year.

Categories showing the greatest growth were jewellery and watches up by 64.3 per cent, apparel up by 34.2 per cent, and medicines and cosmetics, by 49.4 per cent. 

Sales in supermarkets fell by 3.5 per cent and of furniture by 6.4 per cent. 

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