financetom
Business
financetom
/
Business
/
Hong Kong Feb retail sales rise 1.9% as tourism extends recovery
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Hong Kong Feb retail sales rise 1.9% as tourism extends recovery
Apr 3, 2024 2:57 AM

HONG KONG (Reuters) -Hong Kong's retail sales rose for the 15th straight month in February boosted by continuing growth in tourism and consumption, official data showed on Wednesday.

Sales in February rose 1.9% from a year earlier to HK$33.8 billion ($4.32 billion), the Hong Kong government said. That compared with 0.9% growth in January, 7.8% rise in December and 15.9% jump in November.

"As handling capacity continues to recover and more mega events are staged, inbound tourism is expected to revive further and benefit the retail sector," a government spokesman said.

The government's initiatives in boosting consumption sentiment should also provide support, the spokesman added.

In terms of volume, retail sales increased 0.5% in February. That compared with January's 1.2% fall, the first decline in volume terms since December 2022, when it slipped 0.6%. It grew 4.8% in December 2023 and was up 12.4% in November.

Hong Kong's economy is expected to grow 2.5% to 3.5% this year after expanding 3.2% in 2023 as the city struggles to revive its economy following the COVID-19 pandemic while battling mounting deficits and economic headwinds.

The government plans to roll out support measures of more than HK$1 billion ($127 million) for the beleaguered tourism industry, staging more than 80 "mega events" such as fireworks and drone shows in the year's first half to lure visitors.

Chinese cities of Xian and Qingdao also joined a travel scheme allowing residents to make personal visits to Hong Kong, rather than in tour groups. The scheme took effect from March 6, taking to 51 the total of Chinese cities whose residents are eligible to apply for individual travel.

February visitor arrivals stood at 4.0 million, data from the Hong Kong Tourism Board showed. That compared with 3.83 million in January and 1.46 million in February 2023.

The number of mainland Chinese visitors rose to 3.25 million in February from January's 2.98 million, December's 2.94 million and 1.11 million in February 2023.

Sales of jewellery, watches, clocks and valuable gifts, bought mostly by mainland tourists before the pandemic, fell 3.6% in February on year after 22.8% growth in January, data showed.

Sales of clothing, footwear and accessories grew 12.3% in February after an increase of 2.7% in January.

($1 = 7.8286 Hong Kong dollars)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
LM Funding America Reports Increase in August Bitcoin Production
LM Funding America Reports Increase in August Bitcoin Production
Sep 25, 2024
12:13 PM EDT, 09/25/2024 (MT Newswires) -- LM Funding America ( LMFA ) said Wednesday it mined 7.2 bitcoins in August, compared with 4.6 in July. The miner said its bitcoin holdings totaled 135.7 at the end of August, worth about $8.7 million. Shares of the company were up more than 2% in recent trading. Price: 2.65, Change: +0.06, Percent...
US regulator says Boeing safety improvements vital for profitability
US regulator says Boeing safety improvements vital for profitability
Sep 25, 2024
WASHINGTON, Sept 25 (Reuters) - The head of the Federal Aviation Administration told a U.S. Senate panel on Wednesday that Boeing ( BA ) must address a series of safety issues before he will let them boost 737 MAX production, warning the issue could impact company profits. FAA Administrator Mike Whitaker capped production at 38 MAX planes per month in...
US ports extend delivery hours as strike threat looms
US ports extend delivery hours as strike threat looms
Sep 25, 2024
(Reuters) - U.S. ports along the East and Gulf Coasts are extending delivery hours for importers as they rush to clear cargo ahead of a potential strike by dockworkers on Oct. 1. Ports from New York to Virginia are also working on contingency plans to avoid disruptions after some 45,000 dockworkers aligned to the International Longshoremen's Association threatened a walkout...
Premium Catering Shares Retreat From Initial Gains in Nasdaq Debut
Premium Catering Shares Retreat From Initial Gains in Nasdaq Debut
Sep 25, 2024
12:05 PM EDT, 09/25/2024 (MT Newswires) -- Premium Catering ( PC ) shares were down from their highs in recent Wednesday trading, reversing early gains in their Nasdaq debut. The food caterer operating in Singapore priced its initial public offering of 2 million shares at $4.75 apiece, for gross proceeds of $9.5 million. The offering is set to close on...
Copyright 2023-2026 - www.financetom.com All Rights Reserved