Finance & Economics

Hong Kong Retail Sales Demonstrate Growth

On Wednesday, April 3, official data were published, according to which an increase in retail sales was recorded in Hong Kong in February.

Hong Kong Retail Sales Demonstrate Growth

It is worth noting that the mentioned indicator demonstrates the dynamic of the growth for the 15th month in a row. The February result is largely due to an increase in consumption and the intensification in the sphere of tourism.

The Hong Kong government on Wednesday released information according to which retail sales in the specified month amounted to $4.32 billion. This figure is 1.9% higher than the result for February 2023. It is worth noting that retail sales in Hong Kong increased by 0.9% year-on-year in January. In December, the corresponding indicator increased by 7.8% compared to the result for the same period in 2022. In November, retail sales in Hong Kong showed an increase of 15.9% year-on-year.

Currently, the capacity continues to recover and more and more mega events are being staged. This was stated by a spokesman for the Hong Kong government, also noting that a further revival of inbound tourism is currently expected. The materialization of this forecast will be a factor of positive impact on the situation in the retail sales sector.

Initiatives by the Hong Kong government to increase consumer activity should also intensify retail sales. This was stated by the mentioned spokesman.

In terms of volume, retail sales in Hong Kong increased by 0.5% year-on-year in February. It is worth noting that in January this indicator showed a decrease of 1.2% compared to the result for the same period in 2023.

As we have reported earlier, Hong Kong Property Stocks Demonstrate Growth.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.