The Census and Statistics Department (C&SD) of Hong Kong released its latest figures on retail sales for November 2024 on 2 January 2025.
The value of sales of jewellery, watches and clocks, and valuable gifts decreased by 5.4 percent to HK$4.43 billion (around $569.3 million) comparing November 2024 with November 2023. The decline in the category softened from the previous month which saw revenue down of 11.6 percent year on year.
The value of total retail sales in November 2024, provisionally estimated at HK$31.7 billion (around $4 billion), decreased by 7.3 percent compared with the same month in 2023. The revised estimate of the value of total retail sales in October 2024 decreased by 2.8 percent compared with a year earlier. For the first 11 months of 2024 taken together, it was provisionally estimated that the value of total retail sales decreased by 7.1 percent compared with the same period in 2023.
Government spokesperson said that the value of total retail sales continued to decline in November from a year earlier alongside the change in consumption patterns and the relatively strong Hong Kong dollar.
Looking ahead, the spokesman said: “The change in consumption patterns of visitors and residents will continue to weigh on the performance of the retail sector. Nevertheless, the introduction of various measures by the Central Government to boost the Mainland economy and benefit Hong Kong, including the resumption and expansion of the multiple-entry Individual Visit Scheme for Shenzhen since December, together with the SAR Government's various initiatives to boost market sentiment, as well as increasing employment earnings, would be conducive to spending by both visitors and residents in the local market.”
09-01-2025
← Back