RETAIL SALES DOWN 9.7% IN DECEMBER

The value of total retail sales for December, provisionally estimated at $32.8 billion, was 9.7% less than in the same month a year earlier, the Census & Statistics Department announced today.

After netting out the effects of price changes over the same period, the provisional estimate represents an 11.5% year-on-year decrease.

The value of total retail sales for 2024 as a whole was provisionally estimated at $376.8 billion, down 7.3% in value and 9% in volume against 2023.

Online sales accounted for 7.2% of December’s total retail sales value. Provisionally estimated at $2.4 billion, the value of this segment fell 17.2% from the same month a year earlier.

The value of sales of jewellery, watches, clocks and valuable gifts dropped by 13.8%.

Meanwhile, decreases were likewise seen in sales of “consumer goods not elsewhere classified” (down 2.9%); commodities in supermarkets (down 3.1%); clothing (down 11.1%); food, alcoholic drinks and tobacco (down 0.6%); commodities in department stores (down 8.9%); and medicines and cosmetics (down 2.2%).

Sales also declined in the following categories: electrical goods and other consumer durable goods not elsewhere classified (down 20.2%); motor vehicles and parts (down 36.3%); fuels (down 11.2%); footwear, allied products and other clothing accessories (down 4.9%); Chinese drugs and herbs (down 2.2%); furniture and fixtures (down 22%); books, newspapers, stationery and gifts (down 9.6%); and optical items (down 7.5%).

The Government commented that the decline in the value of total retail sales in December from a year earlier partly reflected an increase in outbound trips by residents during the holidays.

Looking ahead, it said the retail sector’s near-term performance will continue to be affected by changes in the consumption patterns of visitors and residents.

However, it added that increasing earnings from employment, and the introduction of various measures by the central government to boost the Mainland’s economy and benefit Hong Kong, together with proactive efforts by the Hong Kong Special Administrative Region Government to promote tourism and boost market sentiment, will benefit the sector.

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