The Census and Statistics Department (C&SD) of Hong Kong released its latest figures on retail sales for February 2025 on 31 March 2025.
The value of total retail sales in February 2025, provisionally estimated at HK$29.4 billion (around $3.78 billion), decreased by 13 percent compared with the same month in 2024. The revised estimate of the value of total retail sales in January 2025 decreased by 3.1 percent compared with a year earlier. For the first two months of 2025 taken together, it was provisionally estimated that the value of total retail sales decreased by 7.8% compared with the same period in 2024.
Sales of jewellery, watches and clocks, and valuable gifts dropped by 14 percent year on year to HK$4.17 billion (around $536.6 million) in February. In January, the category saw an 18-percent decrease. Sales of the category fell 15.8 percent year on year to HK$8.63 billion (around $1.1 billion) for the first two month of 2025.
According to C&SD, in interpreting these figures, it should be noted that retail sales tend to show greater volatility in the first two months of a year due to the timing of the Chinese New Year. Consumer spending in the local market normally attains a seasonal high before the Festival. As the Chinese New Year fell on 29 January this year but on 10 February last year, it is more appropriate to analyse the retail sales figures for January and February taken together in making year-on-year comparison.
Government spokesperson said that the value of total retail sales increased further in February 2025 over the preceding month on a seasonally adjusted comparison. The year-on-year decline in the value of total retail sales in February 2025 widened, partly due to the earlier arrival of Chinese New Year in late January this year as compared to mid-February last year. Taking the first two months of 2025 together to remove this effect, the value of total retail sales saw a narrower decline on a year-on-year basis than December 2024.
Looking ahead, the spokesperson said that the various measures by the Central Government to boost the Mainland economy and benefit Hong Kong, the SAR Government's proactive efforts to promote tourism and mega events, and the sustained increases in employment earnings in local labour market, would benefit the retail sector, though it would continue to face challenge from the change in consumption patterns of visitors and residents.
08-04-2025
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