Hong Kong’s retail sales growth slowed in March, according to the latest government data. The value of total retail sales increased by 12.1% compared to the same period last year.

This figure represents a significant deceleration from the revised 29.3% year-on-year growth recorded in February. The Census and Statistics Department attributed the slower growth to a high base of comparison, as retail sales had already begun to rebound in March of the previous year.

A government spokesman stated that while inbound tourism and local consumer sentiment remained supportive, the pace of growth may moderate in the coming months. The government will continue to monitor the situation closely.

Specifically, the following categories saw notable increases:

• Jewellery, watches and clocks, and valuable gifts
• Apparel
• Food, alcoholic drinks and tobacco

Economists suggest that the slower growth rate could also indicate a slight cooling in consumer spending after a period of strong recovery. The performance of the retail sector remains closely tied to the tourism industry and overall economic conditions.