Retail sales grows 31.3% in February 2023

But provisional online retail sales dropped 4.1% to $2.6b.

The total sales of Hong Kong's retail industry rose by 31.3%, provisionally estimated to be $33.1b, compared with the same month in 2022.

The city's Census and Statistics Department also recorded a 6.9% increase in the revised estimate of last January's total retail sales to $129.5m.

Sales from jewellery, watches and clocks, and valuable gifts have the highest percentage with 62.6%, followed by optical shops (53.2%); Chinese drugs and herbs (51.1%); motor vehicles and parts (49.3%); wearing apparel (47.4%); books, newspapers, stationery and gifts (45.2%); footwear, allied products, and other clothing accessories (40.4%); medicines and cosmetics (22.4%); fuels (14.1%); consumer goods (13.7%); electrical goods and other consumer durable goods (11.4%); commodities in department stores (10.4%); and food, alcoholic drinks and tobacco (0.1%).

READ MORE: How Hong Kong can remain a shopping destination for GBA travellers

Meanwhile, provisional online retail sales in February dropped 4.1% to $2.6b, despite being 7.8% of the total retail sales, whilst the revised estimate of online retail sales in January dipped 3.4% to $2.98b.

However, the total provisional retail sales volume in February grew 29.6% year-over-year, whilst the revised volume in January increased by 5.1%.

The department said retail sales show greater volatility in the first two months due to Lunar New Year. 

"Consumer spending in the local market normally attains a seasonal high before the Festival. As the Lunar New Year fell on January 22 this year but on February 1 last year, it is more appropriate to analyse the retail sales figures for January and February have taken together in making a year-on-year comparison," the department said.