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HK Oct Value of Total Retail Sales YoY Slump Trims to 2.9%, Beating Estimate
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The Census and Statistics Department (C&SD) announced that the value of total retail sales in October 2024, provisionally estimated at $32.9 billion, decreased by 2.9% compared with the same month in 2023, better than the 5.5% slump in consensus. The revised estimate of the value of total retail sales in September 2024 decreased by 6.9% compared with a year earlier. For the first 10 months of 2024 taken together, it was provisionally estimated that the value of total retail sales decreased by 7.1% compared with the same period in 2023. Of the total retail sales value in October 2024, online sales accounted for 12.3%. The value of online retail sales in that month, provisionally estimated at $4 billion, increased by 8.4% compared with the same month in 2023. A government spokesman said that the year-on-year decline of total retail sales value narrowed further in October. On a seasonally adjusted basis, the value of total retail sales continued to increase month-to-month. Looking ahead, the spokesman said that the Mainland’s recent introduction of various measures to boost the economy would help support consumption sentiment and economic activities in Hong Kong. The Central Government's various measures benefitting Hong Kong, including the resumption of the multiple-entry Individual Visit Scheme for permanent residents of Shenzhen and its extension to non-permanent residents of Shenzhen with residence permits, together with the SAR Government's various initiatives to boost market sentiment, as well as increasing employment earnings, would be conducive to spending by both residents and visitors in the domestic market, though the change in their consumption patterns will continue to pose a constraint. AAStocks Financial News |
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