Hong Kong’s retail sales continued to rise for the 15th consecutive month in February, driven by growth in tourism and consumption, according to Reuters on Wednesday.
Sales in February increased by 1.9 per cent year-on-year to HK$33.8 billion ($4.32 billion), compared to 0.9 per cent in January, 7.8 per cent in December, and 15.9 per cent in November.
The government expects inbound tourism to further revive as handling capacity improves and more mega events are held, benefiting the retail sector.
Retail sales volume grew by 0.5 per cent in February, rebounding from a 1.2 per cent decline in January.
Hong Kong’s economy is projected to grow between 2.5 and 3.5 per cent this year, following a 3.2 per cent expansion in 2023.
The government plans to provide over HK$1 billion ($127 million) in support for the tourism industry and organise more than 80 “mega events” in the first half of the year to attract visitors.
In February, visitor arrivals reached 4.0 million, up from 3.83 million in January and 1.46 million in February 2023.
Mainland Chinese visitors increased to 3.25 million in February. Sales of jewellery, watches, clocks, and valuable gifts, popular among mainland tourists, declined by 3.6 per cent in February, while sales of clothing, footwear, and accessories grew by 12.3 per cent.
(1 United States dollar = 7.8286 Hong Kong dollars)
