To The Moon

The Government Statistics Department released the latest retail sales figures. The provisional estimate of the total sales value of the retail industry in January this year was 36.2 billion yuan, up 7.0% year-on-year, higher than the market expectation of 4.5%. The revision of the total sales value of the retail industry in December last year is estimated to increase by 1.2% compared with the same month last year.

Online sales accounted for 8.2% of the total retail sales value in January this year. The temporary estimate of the online sales value of the retail industry for this month was 3 billion yuan, down 4.2% year-on-year. The revision of the online sales value of the retail industry in December last year is estimated to increase by 12.8% compared with the same month last year. After deducting the price changes, the provisional estimate of the total sales volume of the retail industry in January this year increased by 5.1% year-on-year. The revision of the total sales volume of the retail industry in December last year is estimated to be 0.6% lower than the same month of the previous year.

According to the temporary estimate of the sales value of major categories of retailers from high to low, compared with January last year, the sales value of other unclassified consumer goods increased by 6.0%. Secondly, jewelry, watches and precious gifts (sales value increased by 23.1%); electrical appliances and other unclassified durable consumer goods (up 13.4%); clothing (up 14.4%); department store goods (up 3.9%); drugs and cosmetics (up 15.3%); Automobile and auto parts (up 1.3%); footwear, related products and other clothing accessories (up 16.0%); traditional Chinese medicine (up 38.5%); books, newspapers, stationery and gifts (up 20.3%); and glasses stores (up 13.8%). However, it should be noted that these changes may be affected by the different times mentioned above about the Lunar New Year.

$Daxin Bank Group. The HK Economic Research and Investment Strategy Department said that Hong Kong's retail sales in January rose 7% year-on-year, a nine-month high, slightly lower than the bank's expected 9.3%; the sales value rose to 36.2 billion yuan, returning to the highest level since the outbreak of the epidemic in 2020. Retail sales have improved significantly, mainly due to the gradual resumption of customs clearance in the mainland and Hong Kong, and a significant increase in visitors to Hong Kong. In addition, the Lunar New Year came earlier than last year, driving consumer demand to rise.

The bank believes that with the resumption of full customs clearance between Hong Kong and the mainland, the number of tourists visiting Hong Kong has gradually increased, and economic activities have resumed, which is expected to continue to be beneficial to local private consumption and retail activities. It is expected that the overall retail sales are expected to return to an average monthly scale of 40 billion yuan before the epidemic. The government's launch of consumer coupons again is not expected to be too obvious to stimulate the retail industry.

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