The Census and Statistics Department (C&SD) of Hong Kong released its latest figures on retail sales for December 2024 and whole year of 2024 on 3 February 2025.
Revenue from jewellery, watches and clocks, and valuable gifts decreased 13.8 percent year on year to HK$4.69 billion (around $601.82 million) for December 2024. The value of total retail sales in December 2024, provisionally estimated at HK$32.8 billion (around $4.2 billion), decreased by 9.7 percent compared with the same month in 2023. The revised estimate of the value of total retail sales in November 2024 decreased by 7.3 percent compared with a year earlier.
For the whole year of 2024, sales of jewellery, watches and clocks, and valuable gifts dropped by 14.5 percent to HK$51.39 billion (around $6.6 billion). The value of total retail sales was provisionally estimated at HK$376.8 billion (around $48.4 billion), decreased by 7.3 percent in value and 9.0 percent in volume compared with 2023.
Government spokesperson said that the value of total retail sales declined further in December from a year earlier, partly reflecting the impact of residents' increased outbound trips during the holidays. For the fourth quarter as a whole, the value of total retail sales fell by 6.7 percent year-on-year, narrower than the 9.6-percent decrease in the preceding quarter.
Looking ahead, the spokesperson said that the near-term performance of the retail sector would continue to be affected by the change in consumption patterns of visitors and residents. Nevertheless, the introduction of various measures by the central government to boost the mainland economy and benefit Hong Kong, together with the SAR government's proactive efforts to promote tourism development and boost market sentiment, as well as increasing employment earnings, would benefit the retail sector.
13-02-2025
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