The Census and Statistics Department (C&SD) of Hong Kong released its latest figures on retail sales on 1 August 2024. Revenue from jewellery, watches and clocks, and valuable gifts in June 2024 decreased by 23.1 percent year on year to HK$4,277 million (around $549 million).
For the first six months of 2024 taken together, it was provisionally estimated that the total revenue from jewellery, watches and clocks, and valuable gifts declined by 12.8 percent to HK$26.5 billion (around $3.4 billion) compared with the same period in 2023.
The value of total retail sales in June 2024, provisionally estimated at HK$29.9 billion (around $3.8 billion), dropped by 9.7 percent compared with the same month in 2023. The revised estimate of the value of total retail sales in May 2024 slumped by 11.4 percent compared with a year earlier. For the first half of 2024, it was provisionally estimated that the value of total retail sales declined by 6.6 percent compared with the same period in 2023.
A government spokesperson said that while the value of total retail sales continued to decline in June from a year earlier amid the changing consumption patterns of visitors and residents and the strong Hong Kong dollar, the rate of decline narrowed further. A slight increase of 2.3 percent was seen on a seasonally adjusted month-to-month comparison, reflecting signs of stabilisation in retail activities. Looking ahead, the spokesperson said that the retail sector will still face challenges in the near term.
The spokesperson also added that the SAR Government will continue to strive to support the development of the local retail sector. One of the directions is to continue supporting small and medium-sized enterprises, including those in the retail sector, in upgrading and transformation, and market development.
21-08-2024
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