The Statistics Department of the Hong Kong Special Administrative Region Government announced on the 4th that the provisional estimate of the total sales value of Hong Kong's retail industry in March 2023 is HKD 33.6 billion, an increase of 40.9% year-on-year. According to the temporary estimate of sales value by major categories of retailers, from high to low, the sales value of jewelry, watches, and precious gifts increased by 165% year-on-year in March this year; Secondly, other unclassified consumer goods increased by 38.2%; 136% increase in clothing; 14% increase in food, alcoholic beverages, and tobacco; Department store goods, drugs and cosmetics, cars and car parts, and fuel all recorded increases. However, the sales value of supermarket goods decreased by 6.5% year-on-year; Secondly, electrical appliances and other unclassified durable consumer goods decreased by 8.2%. The Executive Director of the Hong Kong Retail Management Association, Luo Zhenbang, pointed out that the total sales value of the retail industry in March this year was not significantly different from February, and its growth was due to the low base last year and the driving force of related industry turnover after the "customs clearance" in February. However, the decline in electrical appliances and supermarket business indicates weak local consumption. He believes that there will be a off-season after the May Day holiday, and the retail industry will not recover until the summer vacation. A spokesperson for the SAR government stated that the recovery of tourism and private consumption in Hong Kong should continue to benefit the retail industry, and the issuance of a new round of consumer vouchers will also provide additional support. (New News Agency)
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