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Autos, Luxury Goods Lift Hong Kong Retail Sales in April
Boosted by sales of autos, jewelry and watches, Hong Kong retail activity extended gains in April, reported the Census and Statistics Department (C&SD) on Tuesday.Hong Kong retail sales rose 8.6% on year in April, after logging a revised 12.8% gain in March. For the first four months of the year, retail sales in the Special Administrative Region of Hong Kong rose 11.3% on year, added the C&SD.After adjustment for inflation, Hong Kong retail sales in April increased by 6.4% from a year earlier.The sale of jewelry, watches, clocks, and valuable gifts rose 19.8% on year in April in Hong Kong, long regarded as one of the Asia Pacific's luxury shopping meccas.Also posting strong results in April were retail sales of motor vehicles and parts, up 46.1% on year, and sales of electrical goods and other consumer durable goods not elsewhere classified, up 21.9% on year, reported officials.Separately, the number of inbound tourists to Hong Kong in April reached 4.22 million, up 9.7% on year, recently reported the Hong Kong Tourism Board.In Hong Kong, online retail sales increased by 30.6% on year in April, and accounted for 9.7% of total sales, according to the C&SD.The expectation, at least in official quarters, was for a continuation of strong retail sales in Hong Kong."Looking ahead, the retail sector should continue to benefit from ongoing economic expansion, notable increase in inbound visitors and resilient consumption sentiment. The government will stay alert to the downside risk arising from the evolving geopolitical tensions and their possible effects on the local consumption market," said the C&SD, in a prepared statement.
Hang Seng
