Provisional statistics of retail sales for March 2023
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The value of total retail sales in March 2023, provisionally estimated at $33.6 billion, increased by 40.9% compared with the same month in 2022. The revised estimate of the combined value of total retail sales in January and February 2023 increased by 17.3% compared with the same period a year earlier. For the first quarter of 2023, it was provisionally estimated that the value of total retail sales increased by 24.1% compared with the same period in 2022.
Of the total retail sales value in March 2023, online sales accounted for 7.6%. The value of online retail sales in that month, provisionally estimated at $2.6 billion, decreased by 8.6% compared with the same month in 2022. The revised estimate of the combined value of online retail sales in January and February 2023 decreased by 3.8% compared with the same period a year earlier. For the first quarter of 2023, it was provisionally estimated that the value of online retail sales decreased by 5.4% compared with the same period in 2022.
After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in March 2023 increased by 39.4% compared with a year earlier. The revised estimate of the combined volume of total retail sales in January and February 2023 increased by 15.5% compared with the same period a year earlier. For the first quarter of 2023, the provisional estimate of the total retail sales increased by 22.3% in volume compared with the same period in 2022.
Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing March 2023 with March 2022, the value of sales of jewellery, watches and clocks, and valuable gifts increased by 165.0%. This was followed by sales of other consumer goods not elsewhere classified (+38.2% in value); wearing apparel (+136.0%); food, alcoholic drinks and tobacco (+14.0%); commodities in department stores (+37.2%); medicines and cosmetics (+64.4%); motor vehicles and parts (+44.7%); fuels (+14.8%); footwear, allied products and other clothing accessories (+187.9%); furniture and fixtures (+8.4%); Chinese drugs and herbs (+44.3%); books, newspapers, stationery and gifts (+34.1%); and optical shops (+137.8%).
On the other hand, the value of sales of commodities in supermarkets decreased by 6.5% in March 2023 over a year earlier. This was followed by sales of electrical goods and other consumer durable goods not elsewhere classified (-8.2% in value).
Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales increased by 12.0% in the first quarter of 2023 compared with the preceding quarter, while the provisional estimate of the volume of total retail sales increased by 10.8%.
Commentary
A government spokesman said that the value of total retail sales surged further in March over a year earlier as consumer and visitor spending continued to improve, though the low base of comparison also contributed.
Looking ahead, the spokesman pointed out that the recovery of inbound tourism and private consumption should continue to benefit the retail sector. The disbursement of a new round of consumption vouchers will render further support.
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 February 2023 as well as the provisional figures for March 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 first quarter of 2023 are also shown.
Table 2 presents the revised figures on value of online retail sales for February 2023 as well as the provisional figures for March 2023. The provisional figures on year-on-year changes for the first quarter 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 February 2023 as well as the provisional figures for March 2023. The provisional figures on year-on-year changes for the first quarter 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, May 4, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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