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HK Aug Value of Total Retail Sales Down 10.1% YoY, Behind Forecast
The Census and Statistics Department (C&SD) announced that the value of total retail sales in August 2024, provisionally estimated at $29.2 billion, decreased by 10.1% compared...
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The Census and Statistics Department (C&SD) announced that the value of total retail sales in August 2024, provisionally estimated at $29.2 billion, decreased by 10.1% compared with the same month in 2023, against a 9% fall in street consensus. The revised estimate of the value of total retail sales in July 2024 decreased by 11.7% compared with a year earlier.
Of the total retail sales value in August 2024, online sales accounted for 8.0%. The value of online retail sales in that month, provisionally estimated at $2.3 billion, decreased by 0.5% compared with the same month in 2023. The revised estimate of online retail sales in July 2024 increased by 0.8% compared with a year earlier.
A government spokesman said that the value of total retail sales recorded a year-on-year decline in August amid the continued impact of the change in consumption patterns, the relatively strong Hong Kong dollar, and increased outbound travels by residents during the summer holidays, among other factors.
Looking ahead, the spokesman said that the retail sector will still face challenges in the near term. Nonetheless, the Central Government's various measures benefitting Hong Kong, as well as the Special Administrative Region Government's various initiatives to boost market sentiment and support the development of the sector, would benefit retail businesses. Continued economic growth, rising employment earnings, and an easing Hong Kong dollar exchange rate alongside the US interest rate cut, would also provide support to the retail sector.
The spokesman added that the Hong Kong Trade Development Council has organized the inaugural Hong Kong Shopping Festival in August to help Hong Kong enterprises increase brand awareness and expand into Mainland e-commerce business. The Government will continue to support small and medium-sized enterprises (SMEs), including those in the retail sector, through various measures, including the SME Export Marketing Fund and E-commerce Easy, so as to assist enterprises in expanding their market, as well as encourage enterprises to upgrade and transform their operations and develop e-commerce businesses, thereby promoting more diversified development and new quality productive forces.
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