Hong Kong February retail sales rise 1.9% as tourism extends recovery

HONG KONG: Hong Kong’s retail gross sales rose for the 15th straight month in February boosted by continuing progress in tourism and consumption, legitimate knowledge showed on Wednesday (Apr 3).

Gross sales in February rose 1.9 per cent from a year earlier to HK$33.8 billion (US$4.32 billion), the Hong Kong authorities said. That after put next with 0.9 per cent progress in January, 7.8 per cent rise in December and 15.9 per cent jump in November.

“As going by contrivance of ability continues to recuperate and more mega events are staged, inbound tourism is expected to revive extra and profit the retail sector,” a authorities spokesman said.

The authorities’s initiatives in boosting consumption sentiment have to nonetheless furthermore present enhance, the spokesman added.

By formula of volume, retail gross sales increased 0.5 per cent in February. That after put next with January’s 1.2 per cent tumble, the main decline in volume phrases since December 2022, when it slipped 0.6 per cent. It grew 4.8 per cent in December 2023 and used to be up 12.4 per cent in November.

Hong Kong’s economy is expected to grow 2.5 per cent to just a few.5 per cent this year after rising 3.2 per cent in 2023 because the metropolis struggles to revive its economy following the COVID-19 pandemic while combating mounting deficits and financial headwinds.

The authorities plans to roll out enhance measures of better than HK$1 billion (US$127 million) for the beleaguered tourism industry, staging better than 80 “mega-events” much like fireworks and drone reveals within the year’s first half of to entice guests.

Chinese language cities of Xian and Qingdao furthermore joined a chase diagram allowing residents to develop personal visits to Hong Kong, fairly than in tour teams. The diagram took discontinuance from March 6, taking to 51 the general of Chinese language cities whose residents are eligible to put collectively for particular person chase.

February visitor arrivals stood at 4.0 million, knowledge from the Hong Kong Tourism Board showed. That after put next with 3.83 million in January and 1.46 million in February 2023.

The sequence of mainland Chinese language guests rose to just a few.25 million in February from January’s 2.98 million, December’s 2.94 million and 1.11 million in February 2023.

Gross sales of bijou, watches, clocks and helpful items, bought mostly by mainland tourists before the pandemic, fell 3.6 per cent in February on year after 22.8 per cent progress in January, knowledge showed.

Gross sales of dresses, footwear and instruments grew 12.3 per cent in February after a rise of 2.7 per cent in January.