Hong Kong's total retail sales value rose 0.9% year-on-year in January

　　China News Service, Hong Kong, March 1 (Reporter Dai Xiaolu) The Census and Statistics Department of the Hong Kong SAR Government announced on the 1st that the provisional estimate of the total retail sales value in January 2024 was 36.5 billion yuan (Hong Kong dollars, the same below). An annual increase of 0.9%.

　　Data show that compared with the same period last year, the sales value of jewelry, watches and luxury gifts increased by 25.2% in January this year; drugs and cosmetics increased by 25.2% year-on-year; automobiles and auto parts increased by 23.7%; furniture and fixtures increased by 20.5%; Books, newspapers, stationery and gifts increased by 27.8%.

　　On the other hand, compared with the same period last year, the sales value of supermarket goods fell by 9.3% in January this year; the sales value of food, alcoholic beverages and tobacco fell by 8%; electrical appliances and other unclassified durable consumer goods fell by 26.2%; department stores Goods fell by 9.2%; fuel fell by 14.5%; footwear, related products and other clothing accessories fell by 8.2%; traditional Chinese medicine fell by 20.1%.

　　A spokesman for the SAR government said that the increase in the value of total retail sales has slowed down, partly due to the different timing of the Lunar New Year.

Looking ahead, the number of tourists visiting Hong Kong will continue to rise, which will be beneficial to the retail business.

　　Wen Jiawei, chief economist and strategist of Dah Sing Financial Group, said that the value of total retail sales has continued to rebound since September last year, reflecting the continued stabilization of Hong Kong's retail market.

In the new budget, the SAR government proposed to allocate additional resources to promote tourism promotion and activities, which may help attract tourists to Hong Kong and is expected to improve the retail market sentiment.

However, changes in the consumption patterns of mainland tourists visiting Hong Kong may also weaken the contribution of tourism to Hong Kong's retail industry.

　　On the other hand, Wen Jiawei said that 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.

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