2024 Retail Sales Stats

[shri]

The bright spot seems to be that people are drinking and smoking a fair bit more than last year (or just spending more.. given the price hikes).

The worrying part ... fresh fruits and vegetables are down significantly. Don't think you can blame this citywide decline on TaoBao or Sams/Costco. May be its due to a significant number of people going north for the weekend?

The value of total retail sales in May 2024, provisionally estimated at $30.5 billion, decreased by 11.5% compared with the same month in 2023. The revised estimate of the value of total retail sales in April 2024 decreased by 14.7% compared with a year earlier. For the first 5 months of 2024 taken together, it was provisionally estimated that the value of total retail sales decreased by 6.1% compared with the same period in 2023.

https://www.info.gov.hk/gia/general/...4070200391.htm

[hullexile]

Is there any logical reason for the big fall?

[freeier]

April 23 was the big opening.. everyone spending money thinking that HK stock and property market is going to fly through the roof again...

[shri]

Yes, I fondly recall the euphoria of April 2023.

We bought an extra catty of fish and a box of apples for the HSI ticker watch party we hosted at home.

Will tell my grandkids about it someday.

(Sorry... could not help it!)

[freeier]

Yes, I fondly recall the euphoria of April 2023.

We bought an extra catty of fish and a box of apples for the HSI ticker watch party we hosted at home.

Will tell my grandkids about it someday.

(Sorry... could not help it!)

well, its either up or down.. so you watched that horror movie instead.. still worth the ticket price...

[er2]

Honestly, Jewellery down 28% - do we need to see a problem here??

I do understand that this negatively affects some people who saw an opportunity and are now out of luck. But from a top-level / government perspective - any squarefoot in this city that can be devoted to actual productive uses rather than just skimming off of mainland wealth is a plus in my book.

[mengfei]

not many Mainlanders shop in HK anymore, now it's the other way around.

you can get "Almost" anything that's available around the world since most of them are Made in China or China now imports a lot of those stuff coz now they can afford it.

there are also lot's of ....Fook's shop here now

[mmbiker]

Being a HK PR living in mainland China, I can tell you, I can get pretty much everything in mainland China for cheaper lol

Gold shop in mainland China is also doing poorly. Not a surprise as gold is near record high.

Sam's Club and Costco in mainland China pretty much guarantee safe/quality food. I can order from Sam's Club and have it deliver to me for free if over 299 rmb.

Restaurant and Entertainment, mainland is on par for cheaper. Anyone who visited Shenzhen (SZ) will tell you this. Significantly lower and SZ is not the lowest cost cities in mainland (Guangzhou is slightly cheaper in general compare to SZ. Second tier cities, even more affordable, you get the message).

I go to HK only for family visit, banking, and occasionally government related things (PR renewel for one...) and I go to North American often if I need brand name stuff like clothing/shoes.

Painting a sad retail picture for HK I guess. HK need to reinvent itself.

I do like the property market in HK still.

Work wise, HK has a significant advantage! Salary is very high compare to mainland China and lower tax.

[newhkpr]

I go to North American often if I need brand name stuff like clothing/shoes.

The reality is that HK being a free port with no customs or VAT allows us to buy brand name stuff from abroad cheap and have it easily shipped to HK. I buy many of my clothes in Spain (Camper shoes, Massimo Dutti) or UK (Paul Smith), Italy (Mr. Porter), France (Cartier Eyewear), Germany (Hugo Boss, Leica) etc etc. None of which I traveled to said country too, none of which I bought direcly in HK where they are sold for "China price" (i.e. 20% or more higher than in Europe).
My camera I bought for 28% cheaper from Germany (the -20% VAT the dealer could deduct helped a lot) than what they sell it for here (with shit as hell customer service here because I am not their typical rich mainland customer).

[paddylast]

What are the fireworks displays not working then?