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HK Jan Value of Total Retail Sales Dip 3.2% YoY, In Line with Consensus
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The Census and Statistics Department (C&SD) released the latest figures on retail sales. The value of total retail sales in January 2025, provisionally estimated at $35.3 billion, decreased by 3.2% compared with the same month in 2024, aligning with street consensus. The revised estimate of the value of total retail sales in December 2024 decreased by 9.6% compared with a year earlier. Of the total retail sales value in January 2025, online sales accounted for 6.9%. The value of online retail sales in that month, provisionally estimated at $2.4 billion, increased by 3.5% compared with the same month in 2024. The revised estimate of online retail sales in December 2024 decreased by 17.8% compared with a year earlier. After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in January 2025 decreased by 5.2% compared with a year earlier. The revised estimate of the volume of total retail sales in December 2024 decreased by 11.3% compared with a year earlier. A government spokesman said that the value of total retail sales recorded a much narrower year-on-year decline in January, and turned to an increase on a seasonally adjusted month-to-month comparison, possibly due in part to the earlier arrival of the Lunar New Year this year. It would thus be more meaningful to examine the figures for January and February combined, when available, to assess the latest retail sales performance. Looking ahead, the spokesman said that the near-term performance of the retail sector would continue to be affected by the change in consumption patterns of visitors and residents. Nevertheless, the Central Government's roll-out of various measures to boost the Mainland economy and benefit Hong Kong, coupled with the Special Administrative Region Government's proactive efforts to promote tourism development and boost local sentiment, as well as increasing employment earnings, would benefit the sector. AAStocks Financial News |
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