The Census and Statistics Department of Hong Kong released its latest figures on the city’s retail sales for February 2023 recently. The total retail sales in February 2023 climbed 31 percent to HK$33.11 billion ($4.22 billion). Revenue from jewellery, watches and clocks, and valuable gifts surged 129 percent year on year to HK$5.01 billion ($637.8 million), the highest total for any month since January 2020.
The strength reflected improvement in consumer sentiment, as well as a favourable comparison with the same period last year, when Hong Kong was still under tight Covid-19 restrictions and visitors to the country were almost nonexistent. Tourists who come to the municipality to purchase goods contribute a large portion of Hong Kong’s luxury revenue. The border with China reopened in January, while the mask mandate ended in early March.
For the first two months of 2023, retail sales of jewellery, watches and clocks, and valuable gifts jumped 63 percent year on year to HK$9.43 billion ($1.2 billion). Total retail sales for January and February combined grew 17.3 percent to HK$69.29 billion ($8.83 billion).
According to government spokesperson, taking the first two months of 2023 together to remove the possible distortion caused by the difference in timing of the Lunar New Year, the value of retail sales rose notably by 17.3 percent year on year. Looking ahead, the spokesman pointed out that the retail sector performance will continue to benefit from the recovery of private consumption and inbound tourism.
04-04-2023
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