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Hong Kong's retail sales surged 19.3% in February from a year earlier, marking ten months of consecutive growth. Total sales reached HKINR 35 billion (USD 4.47 billion), with sales volume up 17.5%, the highest since March 2023. Visitor arrivals, particularly from mainland China, rose sharply, supporting retail demand. Jewellery, watches, and fashion products saw notable growth. Government officials highlighted the strong local economy and rising inbound tourism as key drivers. This growth underscores the combined impact of consumer confidence and a recovery in tourism spending.
Hong Kong's retail sector recorded a strong rebound in February, with retail sales by value rising 19.3% compared with the same period last year. This marked the tenth consecutive month of growth, with most categories of retail outlets reporting higher sales, according to government data released earlier this week. The increase, which took total sales to HKINR 35 billion (USD 4.47 billion), was the largest percentage gain since June 2023, when sales had risen by 19.5%. In January, sales had grown 5.5% year-on-year. Advertisement
In terms of sales volume, February saw a 17.5% increase from a year earlier, following a revised 3.5% rise in January. This was the highest volume growth since March 2023, when sales surged 39.3%. A government spokesperson noted that the ongoing resilience in the local economy, combined with a steady rise in inbound visitors, is expected to continue supporting retail businesses in the coming months.
Visitor arrivals played a significant role in the retail boost. February saw a total of 5.14 million visitors, up 40.2% compared with the previous year. Chinese mainland visitors, in particular, surged 53.4% to reach 4.25 million. Among retail categories, sales of jewellery, watches, clocks, and valuable gifts rose 24.2% after a 31.1% increase in January. Clothing, footwear, and allied products also saw strong growth, rising 14.1% in February following a modest 0.2% increase in January.
This strong performance reflects not only growing local consumption but also the impact of a recovery in tourism. Retailers across Hong Kong are benefiting from increased spending by both locals and visitors, especially in high-demand segments such as luxury goods and fashion. Analysts suggest that the combination of a stable economy, rising visitor numbers, and easing travel restrictions is likely to maintain positive momentum for the sector over the next few months.
Source Reuters
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