The Census and Statistics Department (C&SD) of Hong Kong released its latest figures on retail sales on 3 July 2023. Revenue of sales from jewellery, watches and clocks, and valuable gifts increased by 51.8 percent year on year to HK$5.08 billion ($648.8 million) in May 2023.
For the first five months of 2023, proceeds from jewellery, watches and clocks, and valuable gifts surged 77 percent year on year to HK$24.85 billion ($3.17 billion).
The value of total retail sales in May 2023 increased by 18.4 percent compared with the same month in 2022, to HK$34.47 billion ($4.4 billion). The revised estimate of the value of total retail sales in April 2023 increased by 14.9 percent compared with a year earlier. For the first 5 months of 2023 taken together, it was provisionally estimated that the value of total retail sales increased by 21 percent compared with the same period in 2022.
A government spokesman said that the value of total retail sales continued to increase visibly in May over a year earlier thanks to the revival of inbound tourism and positive consumption sentiment.
The spokesman added that retail sales should continue to improve in the coming months. The number of incoming visitors should continue to increase as transportation and handling capacity expand further. Local consumption demand will continue to be supported by the improved labour market conditions, disbursement of the second instalment of consumption vouchers, and promotional efforts by the Government and the industry.
10/07/2023
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