On January 4, 2023, the Census and Statistics Department (C&SD), Government of HongKong released the latest figures on retail sales for November 2022.
According to the report, sales of jewellery, watches and clocks, and valuable gifts decreased by 8.3% in value, compared to sales registered in November 2021.
Also, the total retail sales in November 2022 at $29.5 bn decreased by 4.2% compared with the same month in 2021. Due to the effect of price changes, the volume of total retail sales in November 2022 decreased by 5.3% compared with November 2021 figures.
Meanwhile, the government spokesman has pointed out that while tightened financial conditions will continue to weigh on local consumption demand, the further relaxation of social distancing measures and continued improvement in labour market conditions will provide support. In addition, the expected increase in visitor arrivals should benefit retail sales performance.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
According to the report, sales of jewellery, watches and clocks, and valuable gifts decreased by 8.3% in value, compared to sales registered in November 2021.
Also, the total retail sales in November 2022 at $29.5 bn decreased by 4.2% compared with the same month in 2021. Due to the effect of price changes, the volume of total retail sales in November 2022 decreased by 5.3% compared with November 2021 figures.
Meanwhile, the government spokesman has pointed out that while tightened financial conditions will continue to weigh on local consumption demand, the further relaxation of social distancing measures and continued improvement in labour market conditions will provide support. In addition, the expected increase in visitor arrivals should benefit retail sales performance.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
