Retail sales post 1.9 percent growth
Retail sales in Hong Kong were up 1.9 percent in February year on year after seeing the slowest growth pace in more than a year the month before, according to official data released on Wednesday. Figures from the Census and Statistics Department showed total sales value in February reached HK$33.8 billion. Sales value had climbed 0.9 percent in January, and for the first two months of 2024 taken together, total value increased by 1.4 percent while sales volume was down 0.4 percent compared with the same period in 2023. By categories, sales of medicines and cosmetics saw the biggest increase, rising 21.7 percent year on year during the January-February period. That’s followed by sales of stationery and gifts which grew 20.1 percent. Authorities noted that retail sales tend to be more volatile in the first two months of the year due to the Lunar New Year. In a statement, a government spokesman said total sales value rose modestly in January and February from a year ago. "Rising household income and the government's initiatives in boosting consumption sentiment should also provide support, though changes in consumption patterns of residents and visitors will continue to pose challenges," he added. Looking ahead, Annie Yau Tse, chairwoman of the Hong Kong Retail Management Association, said the Easter holiday came at the end of last month, which could weigh on the March figures. She said with many people travelling outside of Hong Kong during the Easter holiday, the retail outlook for March and April is not positive. The association’s executive director, Bond Law, called for measures to help ease the rental pressure for retailers, with many saying they faced increases of about 15 percent this year.  "This posed extra pressure especially for small and medium-sized businesses," he said.