Retail sales in Hong Kong increases in January

Monday, March 6, 2023

Retail sales in Hong Kong increased in January for the second successive month with improvement in consumer sentiment, with additional easing of pandemic rules, which are predicted to provide an extra lift, said the government.

Retail sales in January increased 7% compared to a year before in terms of value, standing at HK$36.2 billion. That is comparable with HK$33.7 billion in December, when retail sales were reviewed with a surge of 1.2% compared to a year before.

Since early 2020, stringent COVID-19 rules have affected Hong Kong’s economy, bringing tourism to a complete stop and impacting sales at shops, bars and restaurants.

Hong Kong dismissed its COVID-19 mask rules from the 1st of this month to attract visitors and re-establish normal life after a span of three years following strict rules first enforced in the financial hub.

Earlier this month, the Hong Kong government also initiated a publicity campaign known as ‘Hello Hong Kong’ to woo tourists and businesses once again.

A government official said that sustained coming back of financial activities to regularity and additional recovery in visitor numbers will profit the retail sector. He added that upgraded labor market circumstances will provide support.

In terms of volume, retail sales in January went up 5.1% compared to a year before. That equated with a revised 0.6% decline in December.

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