Hong Kong's May retail sales up 2.4%, ending 14-month contraction
retail sales in May jumped by 2.4 per cent year on year, marking a reverse in fortunes after the city contended with a 14-month contraction, with the uptick boosted by a surge in visitors during several 'golden week' holidays.
Provisional figures released by the Census and Statistics Department on Wednesday showed total retail sales in May reached HK$31.3 billion (US$3.9 billion).
The figure represents the first time sales have grown since February 2024, when the city recorded an increase of 1.9 per cent year on year.
A total of 1.1 million people visited Hong Kong during mainland China's five-day
Labour Day golden week holiday , which ran from May 1 to 10, a rise of 22 per cent from last year – exceeding the government's original estimate of 10 per cent.
But a government spokesman said industry players still needed to adapt to changes in consumption patterns despite the improvement of sales in May.
'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,' he said.
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