The value of Hong Kong’s retail sales in 2023 will increase by 16.2% year-on-year. Compared with the whole year of 2022, the sales value of jewelry, watches and luxury gifts increased by 54.9%.
However, the Sales value of supermarket goods fell by 5.7%, the largest decline. Retail sales growth is expected to fall back to single digits in 2024. The SAR government is committed to promoting the hosting of major events and launching a number of activities, which should provide support for the retail business.