Sales recovered from the impact of typhoons in September and were boosted by the launch of new electronics products. Year-to-date sales growth is also positive for the first time since 2015.
Sales in the health and beauty sector saw the strongest growth, while jewelry, clothing and furniture sales continued to recover in September. At the same time, there was close to zero growth in the grocery sector.
“It is encouraging to see consistent spending growth in Hong Kong over the past five months. It shows better consumer confidence in Hong Kong and also reflects increased spending by Mainland Chinese tourists as their numbers rise,”
said Sarah Quinlan, Senior Vice President, Market Insights for Mastercard Advisors.
It will be important to see this spending growth continue as it comes after 21 months of contraction. The trend shows that the economy is on more stable footing with the consumer leading its return.
Analyzing local retail performance and spending, the macroeconomic report uses aggregated and anonymous transaction data, along with all other payment forms including cash, to offer insight into consumer spending trends, providing an early overview of market indices to help retailers, investors, card issuers, banks and government agencies in their decision-making processes.