The value of total retail sales in March, provisionally estimated at $30.1 billion, was down 3.5 % compared with the same month in 2024, the Census & Statistics Department announced today.
After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales for the month was 4.8% lower year-on-year.
Of the total retail sales value in March, online sales accounted for 8.1%. Provisionally estimated at $2.4 billion, the value of online retail sales decreased 0.5% compared with a year earlier.
The value of sales of jewellery, watches and clocks, and valuable gifts decreased 3.9% in March compared with a year earlier.
There were also declines in the value of sales of wearing apparel (-10.8%); commodities in department stores (-5%); motor vehicles and parts (-46.4%); fuels (-3.9%); footwear, allied products and other clothing accessories (-7.7%); Chinese drugs and herbs (-1.0%); books, newspapers, stationery and gifts (-0.9%); furniture and fixtures (-17.3%); and optical shops (-2.7%).
By contrast, the value of sales of other consumer goods not elsewhere classified increased by 0.6% for the period. Also up were sales of commodities in supermarkets (+5.2%); medicines and cosmetics (+1.2%); food, alcoholic drinks and tobacco (+7.8%); and electrical goods and other consumer durable goods not elsewhere classified (+6.7%).
The Government said the sustained steady growth of the Mainland economy, the Government’s proactive efforts to boost the consumption market through the promotion of tourism and mega events, as well as the increase in employment earnings will continue to support the retail sector.
However, it said the increased level of uncertainty in the global economic outlook and the ongoing impact of the change in consumption patterns will pose challenges to the sector.
