HK sees retail sales surge in March
Latest government figures on Thursday showed retail sales shot up by 40.9 percent in March from a year ago, registering double-digit growth for a second consecutive month. The value of total retail sales in March rose to $33.6 billion, and came after a rise of 31.3 percent in February. Sales in jewellery, clothing and footwear all recorded a more than 100-percent jump. But supermarket sales dropped 6.5 percent. A government spokesman said the surge was underpinned by a continued improvement in consumer and visitor spending, though the low base of comparison also contributed.  Looking ahead, the spokesman pointed out that the recovery of inbound tourism and private consumption should continue to benefit the retail sector.  He added the disbursement of a new round of consumption vouchers will provide further support. In response, the Hong Kong Retail Management Association’s executive director Bond Law said that the significant increase in retail sales was largely due to the low base rate from which the comparison was made. He said the retail industry needs at least nine months to fully recover as the number of visitors has yet to reach its peak. “Visitors are spending less compared to the pre-pandemic period… Hong Kong saw 4.4 million inbound visitors in the first quarter of 2023, which is about 30 percent of the average quarterly figure before the pandemic year, which is 2017-18,” he said.