September 22, 2023

Hong Kong’s July retail gross sales rose 16.5 p.c from a 12 months earlier within the eighth consecutive month of development helped by a rise in customer arrivals and constructive consumption sentiment, the town authorities mentioned on Thursday.

Gross sales elevated to HK$33 billion ($4.21 billion). That in contrast with a revised 19.5 p.c rise in June and 18.5 p.c development in Could.

“The revival in inbound tourism ought to proceed to learn the retail sector within the coming months,” a authorities spokesperson mentioned. “Improved labour market situations and the federal government’s numerous measures to help consumption also needs to assist.”

In quantity phrases, retail gross sales elevated 14 p.c year-on-year in July. That in contrast with a revised 17.4 p.c development in June and 16.6 p.c development in Could.

Nevertheless, the town’s financial development slowed to 1.5 p.c within the second quarter from a 12 months in the past, and in contrast with 2.9 p.c development within the first quarter. The federal government has revised its development forecast for this 12 months to 4.0 p.c to five.0 p.c from a spread of three.5-5.5 p.c earlier.

Preliminary customer arrivals for July have been 3.59 million, bringing the full for the primary seven months of 2023 to 16.47 million guests, based on Hong Kong Tourism Board knowledge, in contrast with 124,052 within the January-July interval in 2022 and 48,048 in July final 12 months.

Among the many arrivals, the variety of mainland Chinese language guests elevated to 2.98 million in July from 2.16 million in June, the information confirmed. That in contrast with 40,091 mainland guests in July final 12 months.

In July, gross sales of jewelry, watches, clocks and beneficial presents, which earlier than the pandemic have been principally to mainland vacationers, surged 19.8 p.c from a 12 months earlier as in contrast with a 64.4 p.c soar in June, knowledge confirmed.

Gross sales of clothes, footwear and equipment in July grew 35.6 p.c on the 12 months after a 33 p.c enhance in June.

On-line retail gross sales in July elevated 1.4 p.c year-on-year in worth phrases, in contrast with a 2.6 p.c drop in June.

By Donny Kwok and Twinnie Siu

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