Hong Kong’s retail sales rise 5.5% in January as tourists loosen purse strings
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Hong Kong's retail sales increased by 5.5% year-on-year in January, reaching HK$37.3 billion (US$4.77 billion), according to the Census and Statistics Department. This marks the ninth consecutive month of growth since May 2023, following 14 months of decline. The Hong Kong government attributes this growth to inbound tourism and overall economic growth. While the increase was slightly lower than previous months, officials noted the Chinese New Year holiday falling in February this year impacted the figures. The Hong Kong Retail Management Association also indicated that growth in the sector had been sustainable. Authorities anticipate continued support for local consumption and retailers due to sustained visitor arrivals and economic growth.
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