Home » Hong Kong retail sales up 4.1% YoY | Retail Trade | Census and Statistics Department | Jewellery

Hong Kong retail sales up 4.1% YoY | Retail Trade | Census and Statistics Department | Jewellery

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Hong Kong retail sales up 4.1% YoY | Retail Trade | Census and Statistics Department | Jewellery

Jewelry worth HK$28.3 billion recorded in July, up 28.3% year-on-year

[Epoch Times, September 01, 2022](The Epoch Times reporter Huang Jiachuan Hong Kong reported) The Hong Kong Census and Statistics Department released the latest provisional statistics on retail sales yesterday (31st), and the total value recorded in July was HK$28.3 billion, which is similar to that of Hong Kong. It increased by 4.1% over the same month of the previous year, decreased by 1.3% year-on-year in the previous month, and increased by 2.3% month-on-month after seasonal adjustment.

Online sales in the retail sector increased by 8.6% year-on-year to HK$2.23 billion, accounting for 7.9% of the total sales value. Excluding price changes, total retail sales volume rose by 1.0% year-on-year in July.

“The value of total retail sales resumed a modest increase in July. Personal consumption was supported by improving labour market conditions, and a low base of comparison was also partly responsible for the year-on-year increase in retail sales,” a government spokesman said.

The top three retail categories with year-on-year sales performance were alcoholic beverages and tobacco, up 36.2% (down 5.7% year-on-year in the previous month), jewellery, clocks and luxury gifts up 28.3% (up 2.2%), and optical shops up 9.6% ( Up 9.6%); while the bottom three are autos and auto parts, down 11.9% (down 13.0% year-on-year in the previous month), department stores down 9.7% (down 2.4%), books, newspapers, stationery and gifts down 9.2% (up 4.8%) %).

Looking ahead, the spokesperson pointed out that the second phase of the consumption volume plan should support consumer demand in the coming months, but the tightening of financial conditions and the recent development of the epidemic will also have an impact on the retail industry.
Jewelry sales up 28.3% year-on-year

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The Hong Kong Census and Statistics Department announced yesterday (31st) the latest retail sales of “jewelry, watches and clocks and precious gifts” (hereinafter referred to as “jewelry”), which reported HK$4.08 billion in July, a year-on-year increase of 28.3% and a year-on-year increase of 2.2% in the previous month. %, while the overall retail sales in Hong Kong increased by 4.1% year-on-year. In the first seven months of this year, the cumulative jewelry sales value was HK$21.53 billion, down 1.8% compared with the same period of the previous year.

Jewellery accounted for 14.4% of Hong Kong’s overall retail sales in July, up from a peak of 23.9% in 2013, when jewellery sales reached HK$118.3 billion a year.

Gold was last at $1,713.50 an ounce. Chow Tai Fook (01929), the leading gold jeweler, rose 13.1% so far this year, while Luk Fook (00590) fell 4.0%.

Combining a number of important macroeconomic data released by Hong Kong in the past 30 days, the price index (CPI) in July rose by 1.9% compared with the same period last year, and is forecast to rise by 2.0%, and rose by 1.8% in June.

In terms of trade, exports decreased by 8.9% month-on-month in July, 6.4% in June, imports decreased by 9.9% month-on-month, and increased by 0.5% in June; the trade balance was a deficit of HK$27.6 billion.

According to the global S&P data, the manufacturing PMI in July was 52.3, higher than the 50 line of prosperity and decline, reflecting that the economy is in a state of expansion, and it recorded 52.4 last month.

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The unemployment rate fell by 0.4 percentage points month-on-month to 4.30% in July. Foreign exchange reserves recorded $441.7 billion in July, compared with $447.2 billion the previous month. ◇

Year-on-year change in retail sales in Hong Kong over the past 12 months: August 2021 to July 2022. (The Epoch Times Cartography)

Editor in charge: Chen Wenqi

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