Caroline ZhengHong Kong retail sales grew by 15 percent year-on-year in April, beating estimates, official data showed yesterday, as consumption sentiment and visitor arrivals continued to improve. The value of total retail sales in April increased to HK$34.7 billion, according to provisional data provided by the Census and Statistics Department, marking growth for a fifth consecutive month and beating a market expectation of 13.8 percent. In terms of volume, total retail sales increased by 13.3 percent in April from a year earlier, versus a 39.3 percent year-on-year increase in March. For the first four months this year, the total value of retail sales advanced by 21.7 percent from the same period in 2022, with a 19.9 percent growth in volume during the period. Hong Kong Retail Management Association chairwoman Annie Tse Yau On-yee, however, warned that the recovery of the retail industry in the SAR is still facing multiple challenges, including uncertainty in the external environment, rising rents and a shortage of talent.

Source: The Standard June 02, 2023 01:13 UTC