Hong Kong May retail sales increase 2.4%
Sales increased to HK$31.3 billion (S$5.1 billion), the first expansion since February 2024. In April, retail sales fell 2.3 per cent compared with the same month a year before.
In volume terms, May retail sales increased 1.9 per cent from a year earlier, compared with a revised 3.3 per cent decline in April.
May visitor arrivals rose to 4.08 million, up 20 per cent from the same month a year ago, data from the Hong Kong Tourism Board showed. That compared with 3.85 million in April, 3.82 million in March and 3.67 million in February.
The number of mainland Chinese visitors stood at 3.12 million in May, up 19 per cent from a year ago. That compares with 2.81 million in April, 2.75 million in March and 2.77 million in February.
However, many visitors from mainland China are visiting only for a day and keeping a tight rein on spending. At the same time, local residents are spending more across the border, taking advantage of the Hong Kong US dollar's relative strength against the Chinese yuan.
'While the retail sector continues to adapt to the changes in consumption patterns, the government's proactive efforts in promoting tourism and mega events, in tandem with the increase in employment earnings and sustained steady growth of the mainland economy, will help bolster consumption sentiment and support the consumption market,' a spokesman for Hong Kong's government said.
Sales of jewellery, watches, clocks and valuable gifts fell 3.2 per cent year on year in May after a 1.7 per cent drop in April.
Sales of clothing, footwear and allied products climbed 0.3 per cent year on year in May after a 5.5 per cent decline in April. REUTERS
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