Hong Kong’s retail sales up for 2nd month

Hong Kong’s retail sales increased for a second straight month in June with the abating local epidemic.

Retail sales in June were provisionally estimated at 28.1 billion Hong Kong dollars (about 3.6 billion U.S. dollars), up 5.8 percent year-on-year, slightly slower from the 10.4 percent growth in May, the Census and Statistics Department of the Hong Kong Special Administrative Region (HKSAR) government said Monday in a report.

Local consumption demands revived further alongside the stable local epidemic and improved market situations, a government spokesman said.
Sales of jewelry, watches and clocks, and valuable gifts surged by 31.8 percent year-on-year in June, and sales of wearing apparel went up by 18.8 percent.

Despite the warming figures, with incoming visitors remaining scant, retail sales stayed far below the pre-epidemic level.

The government launched a Consumption Voucher Scheme where 5,000 Hong Kong dollars’ worth of electronic consumption vouchers will be distributed to all eligible Hong Kong residents. According to the spokesman, the scheme will help stimulate local consumer sentiment and provide support to the retail sector.

It is essential for the community to strive towards more widespread vaccination and keep the epidemic under control, in order to create favorable conditions for a more visible revival of the retail trade and a broader based economic recovery, said the spokesperson.