HONG KONG – The value of total retail sales in September in Hong Kong, provisionally estimated at HK$29.6 billion, fell by 6.9 percent year-on-year, according to government data.

After netting out the effect of price changes over the same period, the provisional estimate of total retail sales volume for the month was 8.7 percent lower year-on-year, data released by the Census and Statistics Department on Friday showed.

“For the first 9 months of 2024 taken together, it was provisionally estimated that the value of total retail sales decreased by 7.6 percent compared with the same period in 2023,” reads a government statement.

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Of the total retail sales value in September, online sales accounted for 10.4 percent. Provisionally estimated at HK$3.1 billion, the value of online retail sales decreased 11.8 percent compared with a year earlier.

The value of sales of commodities in supermarkets dropped 1.1 percent in September year-on-year, the data showed.

The categories that also witnessed sales declines are: electrical goods and other consumer durable goods not elsewhere classified (-7.6 percent); jewelry, watches and clocks, and valuable gifts (-17.9 percent); food, alcoholic drinks and tobacco (-3.2 percent); wearing apparel (-8.7 percent); medicines and cosmetics (-2.5 percent); commodities in department stores (-11.4 percent); motor vehicles and parts (-26.7 percent); fuels (-8.6 percent); furniture and fixtures (-14.4 percent); footwear, allied products and other clothing accessories (-3.8 percent); Chinese drugs and herbs (-17.7 percent); and optical shops (-10.6 percent).

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By contrast, the value of other consumer goods not elsewhere classified increased by 2.9 percent in September year-on-year. Sales of books, newspapers, stationery and gifts rose 20.3 percent.

A government spokesman said the near-term performance of the retail sector will still be affected by the change in consumption patterns of residents and visitors.

“Nevertheless, an improved outlook for the mainland economy following the recent introduction of a wide range of stimulus measures, and a possible easing of the Hong Kong dollar alongside the US dollar with the commencement of the US interest rate cut, would be conducive to boosting sentiment and supporting spending,” said the spokesman.

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In addition, various central government measures benefitting Hong Kong, initiatives taken by the Hong Kong Special Administrative Region government to boost market sentiment, and increasing employment earnings will also benefit the retail sector, the spokesman added.