Retail sales jump 19.6 percent in June
Hong Kong's retail sales jumped 19.6 percent in June from a year ago, marking the seventh straight month of growth. Provisional figures released by the Census and Statistics Department on Tuesday showed that the estimated value of total retail sales in June hit HK$33.1 billion. Sales of jewellery, watches and clocks, as well as valuable gifts posted an increase of 64.3 percent. Retail sales grew 18.5 percent in May. For the first half of this year, total sales grew by 20.7 percent compared with the same period in 2022. The government attributed the rise to the recovery of inbound tourism and positive consumption sentiment. "While visitor arrivals should increase further in the coming months, improved labour market conditions and the government's various measures to boost the momentum of the economic recovery, such as the disbursement of consumption vouchers, should render support to local consumption demand," a spokesman said.  Bond Law, the executive director of the Hong Kong Retail Management Association, said he believes annual retail sales this year will remain below pre-pandemic levels.  "Overall, the retail market in Hong Kong is still developing positively, showing moderate growth," he said. "The road to economic recovery is not flat, instead, it is progressing under ups and downs."