HONG KONG – The value of total retail sales in Hong Kong in October – provisionally estimated at HK$32.9 billion – decreased 2.9 percent year-on-year, according to official data.

For the first 10 months of 2024 taken together, it was provisionally estimated that the value of total retail sales decreased by 7.1 percent compared with the same period in 2023, data published by the Census and Statistics Department show.

After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales for the month was 4.9 percent lower compared with the same month in 2023.

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Of the total retail sales value in October, online sales accounted for 12.3 percent.

Provisionally estimated at HK$4 billion, the value of online retail sales increased 8.4 percent compared with a year earlier, according to the data.

The value of sales of commodities in jewelry, watches and clocks, and valuable gifts decreased 11.1 percent last month year-on-year.

There were also declines in sales in the following categories: commodities in supermarkets (-0.4 percent); wearing apparel (-9.8 percent); commodities in department stores (-9.2 percent); motor vehicles and parts (-27.5 percent); fuels (-9.6 percent); books, newspapers, stationery and gifts (-21.0 percent); footwear, allied products and other clothing accessories (-6.9 percent); Chinese drugs and herbs (-7 percent); furniture and fixtures (-18 percent); and optical shops (-10.2 percent).

On the other hand, the value of sales of electrical goods and other consumer durable goods not elsewhere classified increased 17.1 percent in October over a year earlier.

Sales of other consumer goods not elsewhere classified increased 1 percent; sales of food, alcoholic drinks and tobacco increased 0.3 percent, while sales of medicines and cosmetics rose 3.9 percent.

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Commenting on the latest data, a government spokesman said the year-on-year decline of total retail sales value narrowed further in October.

The Chinese mainland’s recent introduction of various measures to boost the economy would help support consumption sentiment and economic activities in the special administrative region, according to the government, added the spokesman.

Together with the local government's various initiatives to boost market sentiment and increasing employment earnings, various central government measures benefitting the city, including the resumption of the multiple-entry individual visit scheme for permanent residents of Shenzhen and its extension to non-permanent residents of Shenzhen with residence permits, would be conducive to spending by both residents and visitors in the domestic market, it added.