Hong Kong Retail Sales Fall the Most in 4 Months

Retail sales in Hong Kong grew by 9.8% year-on-year in March 2026, easing from a near three-year high of 17.5% in the previous month. Sales slipped in food, alcoholic drinks and tobacco (-0.4% vs 17.6% in February), particularly fish, livestock and poultry, and fresh or frozen food (-0.9% vs 3.2%), bread, pastry, confectionery and biscuits (-6.5% vs 24%), and other food not elsewhere classified (-2.3% vs 29.8%). The slowdown in overall retail sales growth was also driven by supermarkets (0.7% vs 14.2%), clothing, footwear and allied products (7.7% vs 18.7%), department stores (1.3% vs 31.8%), and other consumer goods (10.6% vs 21.9%). Moreover, sales continued to fall for fuels (-27.5% vs -18.3%). Meanwhile, sales increased at a faster pace for consumer durable goods (42.4% vs 24.1%) and jewelry, watches and clocks, and valuable gifts (5.7% vs 4.4%). On a monthly basis, retail sales declined 4.7%, easing from a 6% drop in February.

Retail sales in Hong Kong surged 17.5% year-on-year in February 2026, accelerating from an upwardly revised 3.5% in January. This marks the highest level since April 2023, as consumer spending reaches higher volatility during the Chinese New Year festival. Sales increased for food, alcoholic beverages and tobacco (17.6% versus -11.3%), supermarkets (14.2% versus -5.7%), clothing and footwear and allied products (18.9% versus 4.1%) and department stores (31.8% versus -9.9%). In contrast, fuel sales declined by 18.3%, easing from a decline of 25% in the previous month. Additionally, sales growth slowed for consumer durable goods (24.1% versus 37%) and jewelry, watches, clocks and valuable gifts (4.4% versus 10.8%). For the first two months of the year, retail sales in Hong Kong rose 9.5% compared to the same period a year earlier. On a monthly basis, retail sales declined 6%, reversing a 6.5% gain in January.

Retail sales in Hong Kong rose by 3.4% year-on-year in January 2026, slowing from a 5.1% increase in the previous month. This marked the softest growth since August, mainly driven by declines in sales for food, alcoholic drinks and tobacco (-10.8% vs -0.4% in December), supermarkets (-5.7% vs 0.6%), fuels (-25% vs -21.9%), and department stores (-9.9% vs -4.8%). Additionally, turnover increased at a slower pace for other consumer goods (2.4% vs 5.3%). Sales growth for consumer durable goods also eased but remained elevated (34.3% vs 39.6%). In contrast, activity accelerated for clothing, footwear and allied products (5.3% vs -8.4%) and jewellery, watches and clocks, and valuable gifts (10.8% vs 1.2%). On a monthly basis, retail sales advanced by 6.5% in January, following a 3.8% gain in the preceding period.