The Zhitong Finance App learned that on January 4, the Hong Kong Government Statistics Department published the latest retail sales figures. The provisional estimate of total retail sales value in Hong Kong in November 2023 was HK$34.2 billion, up 15.9% year on year. The revised estimate for total retail sales value in October 2023 was 5.8% year-on-year. Compared with the same period in 2022, the provisional estimate of the total retail sales value for the first 11 months of 2023 increased by 17.1%.

Online sales accounted for 9.3% of the total retail sales value in November 2023. The provisional estimated retail online sales value for the month was HK$3.2 billion, a year-on-year decrease of 16.1%. The revised estimate for October 2023 is a 9.0% year-on-year increase in the retail industry's online sales value. Compared with the same period in 2022, the total retail online sales value for the first 11 months of 2023 is estimated to have declined by 2.7%.

After deducting price changes during this period, the provisional estimate for total retail sales volume for November 2023 increased by 12.4% year-on-year. The revised estimate for total retail sales volume in October 2023 is 2.9% year-on-year. Compared with the same period in 2022, the total retail sales volume for the first 11 months of 2023 is tentatively estimated to have increased by 14.7%.

Provisional estimates of sales value by retailer's main categories were analyzed from highest to lowest. Compared between November 2023 and November 2022, the sales value of electrical appliances and other unclassified durable consumer goods increased by 0.8%. This was followed by jewellery, watches and luxury gifts (up 60.8% in sales value); other unclassified consumer goods (up 29.0%); clothing (up 54.1%); department store goods (up 15.0%); food, alcohol and tobacco (up 6.3%); pharmaceuticals and cosmetics (up 38.7%); footwear, related products and other clothing accessories (up 24.4%); traditional Chinese medicine (up 33.7%); books, newspapers, stationery and gifts (up 11.1%); and eyewear stores (up 17.8%).

On the other hand, compared with November 2023 and the same month of 2022, the sales value of supermarket products decreased by 5.0%. This was followed by automobiles and auto parts (sales value down 22.9%); fuel (down 12.8%); and furniture and fixtures (down 13.1%).

In the three months to the end of November 2023, compared with the previous three months, the provisional estimated seasonally adjusted total retail sales value decreased by 2.9%, while the seasonally adjusted provisional estimate of total retail sales volume decreased by 3.2%.

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A Hong Kong government spokesman said that with the recovery of tourism in Hong Kong, the total sales value of the retail industry rose markedly in November compared to the same period last year.

Looking ahead, the spokesperson anticipated that the further recovery of tourism in Hong Kong should continue to benefit the retail sector. Household income continues to improve, and support should also be provided by the Hong Kong Government and the industry in various promotion plans and activities.