According to the Zhitong Finance APP, on January 2, the Hong Kong government's Census and Statistics Department released the latest figures for retail trade sales. The provisional estimate of the total retail sales value for November 2024 is 31.7 billion HKD, a decline of 7.3% compared to the same month in 2023. The revised estimate for the total retail sales value in October 2024 shows a decrease of 2.8% compared to the same month in 2023. Compared with the same period in 2023, the total provisional estimate of retail sales value for the first 11 months of 2024 has decreased by 7.1%.

In the total retail sales value for November 2024, online sales account for 9.3%. The provisional estimate of online retail sales value for that month is 2.9 billion HKD, a decrease of 7.0% compared to the same month in 2023. The revised estimate for online retail sales value in October 2024 shows an increase of 8.4% compared to the same month in 2023. Compared with the same period in 2023, the total provisional estimate of online retail sales value for the first 11 months of 2024 has decreased by 1.2%.

After excluding price changes, the provisional estimate of total retail sales volume for November 2024 shows a decrease of 8.3% compared to the same month in 2023. The revised estimate for total retail sales volume in October 2024 indicates a decline of 4.8% compared to the same month in 2023. Compared with the same period in 2023, the total provisional estimate of retail sales volume for the first 11 months of 2024 has decreased by 8.7%.

Analyzing the provisional estimate of sales value by main categories of retailers from high to low, comparing November 2024 with November 2023, the sales value of jewelry, watches, and luxury gifts decreased by 5.4%. Next were electrical appliances and other non-classified durable consumer goods (sales value decreased by 18.0%); Outfits (decreased by 7.5%); department store products (decreased by 12.3%); medicines and cosmetics (decreased by 2.9%); automobiles and auto parts (decreased by 34.4%); fuel (decreased by 9.9%); footwear, related products, and other clothing accessories (decreased by 1.7%); furniture and fixtures (decreased by 20.5%); newspapers, stationery, and gifts (decreased by 6.5%); Traditional Chinese Medicine (decreased by 19.3%); and optical shops (decreased by 11.8%).

On the other hand, comparing November 2024 with the same month in 2023, the sales value of supermarket products increased by 3.5%. Next were other non-classified consumer goods (sales value increased by 1.4%); as well as food, alcoholic beverages, and Tobacco (increased by 0.4%).

As of the end of November 2024, for the three months compared with the previous three months, the seasonally adjusted provisional estimate of total retail sales value increased by 1.7%, while the seasonally adjusted provisional estimate of total retail sales volume rose by 1.4%.

A spokesperson for the Hong Kong Special Administrative Region government stated that the total sales value of the Retail Trade continued to decline year-on-year in November due to changes in consumer patterns and the high exchange rate of the Hong Kong dollar. Looking ahead, the spokesperson pointed out that the changing consumer patterns of travelers and residents will continue to impact the performance of the Retail Trade. However, the country has introduced several measures to boost the economy in mainland China and benefit Hong Kong, including the restoration and expansion of the Shenzhen "one permit, multiple entries" individual travel visa arrangement starting in December, along with various measures by the SAR government to enhance the local market atmosphere and increased employment income, all of which will help encourage spending by travelers and residents in the local market.