Although retail sales rebounded by 20 per cent in the month of March, first quarter retail sales remain well behind the same period for 2019.
According to the Census and Statistics Department (C&SD), retail sales in Hong Kong from January to March are running 7.2 per cent ahead of the same period for 2020, but 32.5 per cent behind the same period in 2019.
“Looking ahead, while local consumption sentiment saw some improvement following the gradual relaxation of social distancing measures since mid-February, the near-term outlook for the retail trade is still challenging as inbound tourism remains in the doldrums,” a government spokesperson commented.
Local online retail sales accounted for 7.7 per cent of the overall retail market in March, representing a 43 per cent year-on-year increase.
