The Census and Statistics Department (C&SD) – Hong Kong – released the latest figures on retail sales.
The value of total retail sales in September 2024, provisionally estimated at $29.6 billion, decreased by 6.9% compared with the same month in 2023. The revised estimate of the value of total retail sales in August 2024 decreased by 10.0% compared with a year earlier. For the first 9 months of 2024 taken together, it was provisionally estimated that the value of total retail sales decreased by 7.6% compared with the same period in 2023.
Of the total retail sales value in September 2024, online sales accounted for 10.4%. The value of online retail sales in that month, provisionally estimated at $3.1 billion, decreased by 11.8% compared with the same month in 2023. The revised estimate of online retail sales in August 2024 decreased by 0.7% compared with a year earlier. For the first 9 months of 2024 taken together, it was provisionally estimated that the value of online retail sales decreased by 2.0% compared with the same period in 2023.
After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in September 2024 decreased by 8.7% compared with a year earlier. The revised estimate of the volume of total retail sales in August 2024 decreased by 11.7% compared with a year earlier. For the first 9 months of 2024 taken together, the provisional estimate of the total retail sales decreased by 9.2% in volume compared with the same period in 2023.
Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing September 2024 with September 2023, the value of sales of commodities in supermarkets decreased by 1.1%. This was followed by sales of electrical goods and other consumer durable goods not elsewhere classified (-7.6% in value); jewellery, watches and clocks, and valuable gifts (-17.9%); food, alcoholic drinks and tobacco (-3.2%); wearing apparel (-8.7%); medicines and cosmetics (-2.5%); commodities in department stores (-11.4%); motor vehicles and parts (-26.7%); fuels (-8.6%); furniture and fixtures (-14.4%); footwear, allied products and other clothing accessories (-3.8%); Chinese drugs and herbs (-17.7%); and optical shops (-10.6%).
On the other hand, the value of sales of other consumer goods not elsewhere classified increased by 2.9% in September 2024 over a year earlier. This was followed by sales of books, newspapers, stationery and gifts (+20.3% in value).
Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales decreased by 1.0% in the third quarter of 2024 compared with the preceding quarter, while the provisional estimate of the volume of total retail sales decreased by 2.0%.
Source: Census and Statistics Department of Hong Kong
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.