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Bloomberg
Hong Kong’s retail sales surprisingly rebounded in April, lifting the sector out of contraction after strict Covid curbs hammered consumer spending earlier this year.
Sales value rose 11.7% in April from a year earlier, the Census and Statistics Department said. That was far better than the median estimate of a 7.9% decline expected by economists in a Bloomberg survey. It was also much better than the 13.8% plunge in March, when Covid cases in the city ballooned and there were tight curbs on activity. Sales volume increased 8.1% from a year ago, also much higher than the 10.8% decline forecast by economists.
April marked the start of the government’s efforts to lift restrictions on social interaction. Dining in-hours at restaurants were extended and gyms and beauty salons were allowed to reopen. The government also started handing out consumption vouchers, a program which in the past has helped boost retail sales figures.
The government attributed the jump in retail sales to the “receding local epidemic and the disbursement of the first batch of consumption vouchers,†according to a statement.
The retail data covers consumer spending on goods but not services such as catering, medical care and entertainment.