Hong Kong’s May retail sales increased by 12.9% than expected. Golden Week local consumption power Jewelry department store sales
Benefiting from the arrival of Mainland visitors and local consumption during the May 1 Golden Week, the value of retail sales in Hong Kong was estimated at 40.5 billion yuan in May, up 12.9% year-on-year, slightly higher than market expectations of 12%, and sales volume increased by 11.6. %. The Hong Kong Retail Management Association said that the retail market in Hong Kong is booming and the momentum is expected to continue. It is expected that the retail sales will double-digit growth in June, from 33.7 billion yuan last year to 40 billion yuan. It is estimated that the second half will still be good, and the retail sales will be There is a high single digit increase.
Continued in the second half of the year
Zheng Weixiong, chairman of the Hong Kong Retail Management Association, pointed out that the May 1 small holiday attracted a large number of mainland tourists to come to Hong Kong, as well as major department stores to cut prices, stimulating local sales, and retail sales rose by 12.9% in May. During the period, retail sales in the categories related to Mainland customers recorded double-digit growth. Jewellery, watches and clocks and valuable gifts, retail sales and sales volume increased by 23.8% and 21.6% respectively, and retail sales and sales of pharmaceuticals and cosmetics. It also increased by 18.7% and 19.1%.
In terms of people’s livelihood consumption, in May, Sogo Department Store and Ida Department Store held a big sale event to promote local consumption. During the period, the retail sales and sales volume of department stores increased by 16.7% and 15.2% respectively. The retail sales and sales of footwear, related products and other clothing accessories increased by 11.9% and 15.1% respectively.
In the first five months of this year, retail sales rose by 13.7% year-on-year, and sales volume increased by 12.2%. Among them, the largest increase in retail sales was jewellery, watches and clocks and valuable gifts, up 22.8% year-on-year; followed by other unclassified consumer goods, up 19.4%. However, Zheng Weixiong stressed that the Sino-US trade war may affect Hong Kong’s economic growth, and the recent adjustment of the stock market may hurt consumer sentiment. Zheng reminded that the renminbi has fallen in the past two weeks, which has reduced the spending of mainland tourists in Hong Kong. The retail market in the second half of the year is hidden.
A government spokesman said that the retail industry continued to record double-digit growth in May, thanks to optimistic local consumer sentiment and a significant increase in visitor arrivals. The spokesman pointed out that the labour market is strong and the inbound tourism industry continues to grow. The outlook for the short-term retail industry should remain positive. The Government will closely monitor the situation. In particular, the uncertainty of the external environment has increased significantly in the near future. Impact.
Goldman Sachs recommended Wharf Real Estate Luk Fook
In addition, the Goldman Sachs report pointed out that the recent strong retail market in Hong Kong, the full recovery of the market and the stabilization of rents in the Wang District will lay the foundation for the recovery of high-end shopping malls. The preferred stocks are Wharf Real Estate (01997) and Luk Fook ( 00590). Goldman Sachs raised its forecast for Hong Kong’s retail sales growth rate from 8% to 9% this year, reflecting strong growth in the second quarter.