Provisional statistics of retail sales for December 2023 and the whole year of 2023
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The value of total retail sales in December 2023, provisionally estimated at $36.3 billion, increased by 7.8% compared with the same month in 2022. The revised estimate of the value of total retail sales in November 2023 increased by 15.9% compared with a year earlier.
Of the total retail sales value in December 2023, online sales accounted for 7.8%. The value of online retail sales in that month, provisionally estimated at $2.8 billion, decreased by 29.7% compared with the same month in 2022. The revised estimate of online retail sales in November 2023 decreased by 16.3% compared with a year earlier.
After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in December 2023 increased by 4.8% compared with a year earlier. The revised estimate of the volume of total retail sales in November 2023 increased by 12.4% compared with a year earlier.
Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing December 2023 with December 2022, the value of sales of jewellery, watches and clocks, and valuable gifts increased by 50.1%. This was followed by sales of other consumer goods not elsewhere classified (+23.0% in value); wearing apparel (+19.3%); commodities in department stores (+4.6%); medicines and cosmetics (+32.7%); motor vehicles and parts (+3.5%); footwear, allied products and other clothing accessories (+13.2%); furniture and fixtures (+3.1%); books, newspapers, stationery and gifts (+18.1%); and optical shops (+11.5%).
On the other hand, the value of sales of commodities in supermarkets decreased by 6.3% in December 2023 over a year earlier. This was followed by sales of electrical goods and other consumer durable goods not elsewhere classified (-27.9% in value); food, alcoholic drinks and tobacco (-1.6%); fuels (-12.0%); and Chinese drugs and herbs (-5.5%).
Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales decreased by 3.3% in the fourth quarter of 2023 compared with the preceding quarter, while the provisional estimate of the volume of total retail sales decreased by 3.6%.
For 2023 as a whole, the value of total retail sales was provisionally estimated at $406.7 billion, increased by 16.2% in value and 13.8% in volume over 2022. The value of online retail sales was provisionally estimated at $32.5 billion, decreased by 5.9% over 2022.
Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing the whole year of 2023 with the whole year of 2022, the value of sales of jewellery, watches and clocks, and valuable gifts increased by 54.9%. This was followed by sales of other consumer goods not elsewhere classified (+22.3% in value); wearing apparel (+43.5%); food, alcoholic drinks and tobacco (+4.2%); commodities in department stores (+12.4%); medicines and cosmetics (+38.9%); motor vehicles and parts (+10.8%); footwear, allied products and other clothing accessories (+29.1%); books, newspapers, stationery and gifts (+20.5%); Chinese drugs and herbs (+24.4%); and optical shops (+29.3%).
On the other hand, the value of sales of commodities in supermarkets decreased by 5.7% in 2023 compared with 2022. This was followed by sales of electrical goods and other consumer durable goods not elsewhere classified (-4.9% in value); fuels (-9.7%); and furniture and fixtures (-10.0%).
Commentary
A government spokesman said that the value of total retail sales increased further by 7.8% over a year earlier in December. For 2023 as a whole, the value of total retail sales grew notably by 16.2%.
Looking ahead, the spokesman added that visitor arrivals should increase further alongside the continued recovery of handling capacity. Rising household income also bodes well for local consumption. These factors, coupled with the Government's efforts to promote mega events and launch various activities including "Day x Night Vibes @ 18 Districts", should provide support to retail businesses.
Further information
Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for November 2023 as well as the provisional figures for December 2023. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the whole year of 2023 are also shown.
Table 2 presents the revised figures on value of online retail sales for November 2023 as well as the provisional figures for December 2023. The provisional figures on year-on-year changes for the whole year of 2023 are also shown.
Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for November 2023 as well as the provisional figures for December 2023. The provisional figures on year-on-year changes for the whole year of 2023 are also shown.
Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.
The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.
These retail sales statistics measure the sales receipts in respect of goods sold by local retail establishments and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail establishments through the Monthly Survey of Retail Sales (MRS). Local retail establishments with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics.
The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending.
Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication "Gross Domestic Product (Quarterly)" for more details.
More detailed statistics are given in the "Report on Monthly Survey of Retail Sales". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080003&scode=530).
Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of C&SD (Tel: 3903 7400; email : mrs@censtatd.gov.hk).
Ends/Thursday, February 1, 2024
Issued at HKT 16:30
Issued at HKT 16:30
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