Hong Kong's total retail sales value rose 0.9% year-on-year in January. The number of tourists visiting Hong Kong will continue to rise, which will be beneficial to the retail business.
However, changes in the consumption patterns of mainland tourists may also weaken the contribution of tourism to Hong Kong's retail industry. The Hong Kong stock market has rebounded from lows recently, and the SAR government's withdrawal of residential property demand management measures may help stabilize the property market. If the asset market sentiment further improves, it may help increase public consumption intentions.