Retail sales gain steam in October

Latest reading: Retail sales rose 5.4% on a year-on-year basis in October, following a 4.8% increase in the prior month. October's reading was the strongest since November 2023. While retail sales remain well below their pre-Covid-19 levels, they have now risen for four straight months thanks to a favorable base of comparison, strong tourist arrivals growth and a weaker Hong Kong dollar vs the Chinese renminbi. Relative to the prior month's figures, readings in October improved for fuel (-9.0% in annual terms vs -14.6% in September), food and alcoholic beverages (+3.8% vs +1.7% in September) and clothing and footwear (+1.4% vs -7.7% in September). In contrast, readings worsened for supermarkets (-3.6% vs -0.4% in September) and jewelry, watches and valuables (+0.9% vs +6.0% in September).

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