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Hong Kong's retail market showed steady growth in July, with sales by value rising 1.8% and volume increasing 1%, marking the third consecutive month of gains. Total retail sales for the first seven months remain below last year's level, but government officials expect consumer confidence to stay stable, supported by tourism promotion and large-scale events. Tourist arrivals, particularly from mainland China, increased significantly, although many trips were brief. Jewellery and luxury goods led growth, while clothing and footwear showed small improvements, reflecting a cautious but steady recovery in consumer spending and retail activity.
Hong Kong's retail sector recorded continued growth in July, with sales by value increasing 1.8% compared with the same month last year. This marked the third consecutive month of gains, with sales reaching HKD 29.7 billion (USD 3.8 billion), up from a 0.7% increase in June. In volume terms, retail sales rose 1% year-on-year, rebounding from a 0.3% decline in June, indicating a modest but steady improvement in consumer activity. Advertisement
Despite these gains, total retail sales for the first seven months of the year remain below last year's level, falling by 2.6% in value and 4% in volume. A government spokesperson indicated that local consumer sentiment is expected to remain stable and noted that ongoing efforts to promote tourism and host large-scale events are likely to support retail businesses.
Tourist arrivals in July increased to 4.39 million, up 12% compared with the same period last year, following 3.48 million visitors in June. Mainland Chinese visitors accounted for 3.51 million of the total, a rise of 11.8% from a year earlier. However, many of these visitors are taking brief, one-day trips, which limits overall spending. At the same time, some local residents are spending more across the border, benefiting from the relative strength of the Hong Kong dollar against the Chinese yuan.
Sales of jewellery, watches, clocks, and valuable gifts showed strong growth, rising 9.4% year-on-year in July, compared with a 6.9% increase in June. Clothing, footwear, and related products also improved slightly, with a 0.1% increase following a 4.6% decline in June, reflecting cautious but gradually improving consumer spending patterns.
Source: Reuters
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