3 Oct 2025
Hong Kong’s August retail print offers the clearest evidence yet that the sector is stabilising after a choppy first half. According to the Census and Statistics Department’s advance estimates, total retail sales rose 3.8% YoY to HK$30.3bn, the strongest annual growth rate in 20 months and ahead of market expectations. July’s value growth was revised to 1.8% YoY, reinforcing the sense of a sequential improvement through the summer. The outturn was underpinned by a sharp rebound in high‑ticket discretionary categories and a steady uplift in online, while official commentary linked the momentum to firmer local consumer sentiment, inbound tourism recovery, and the government’s “mega‑events” push. Still, the YTD picture remains cautious: for the first eight months of 2025, retail sales value fell 1.9% YoY and volume declined 3.1% YoY, underscoring that August marks stabilisation rather than a full‑fledged recovery.