A robust economy and inbound tourism revival led Hong Kong retail sales to their first annual growth in 2017, ending a consecutive decline that began in 2014.
Total retail sales value in Hong Kong reached HK$446.1 billion in 2017, a growth of 2.2% in value and 1.9% in volume over 2016, according to the city's Census and Statistics Department.
"The near-term outlook for the retail trade stays positive, given the more sanguine economic situation and improving inbound tourism," a government spokesperson said in a statement.
Across different product categories for full-year 2017, the value of sales of jewelry, watches and clocks, and valuable gifts jumped 5.2%. This was followed by apparel, which saw 0.6% growth in sales value, and department stores, which recorded a 3.4% increase. Retail sales value also rose 5.5% for medicines and cosmetics, and 3.2% for food, alcoholic drinks and tobacco.
However, sales value decreased 0.2% in 2017 for commodities in supermarkets and 9% for electrical goods and photographic equipment.
For December 2017, sales value reached HK$44.8 billion, a year-over-year increase of 5.8% but a slowdown from the 7.6% growth confirmed for November 2017.
During December 2017, the sales value in the jewelry, watches and clocks, and valuable gifts category increased 6.3%, while apparel rose 6.5% and commodities in department stores was up 4%. Sales value dropped 2.8% for supermarket commodities and 6.6% for Chinese drugs and herbs.
