Information from the Statistics and Census Service (DSEC) indicated that value of retail sales increased by 29.3% year-on-year to MOP24.00 billion in the first quarter of 2023, driven by the relaxation of border control measures. After removing the effect of price changes, the sales volume index rose by 28.5% year-on-year.

Sales value of Chinese Food Products surged by 230.4% year-on-year, and the sales values of Watches, Clocks & Jewellery, Leather Goods and Cosmetics & Sanitary Articles grew by 52.7%, 41.9% and 37.1% respectively; on the other hand, the sales value of Communication Equipment decreased by 30.2%. In terms of volume of retail sales, sales volume indices of Chinese Food Products (+222.2%), Watches, Clocks & Jewellery (+56.2%), Leather Goods (+44.4%) and Cosmetics & Sanitary Articles (+39.1%) registered notable year-on-year growth, while the sales volume index of Communication Equipment (-28.1%) fell.

Value of retail sales in the first quarter of 2023 went up by 62.3% as compared with the revised figure (MOP14.79 billion) in the fourth quarter of 2022, with a significant rise in the sales values of Chinese Food Products (+257.2%), Leather Goods (+106.5%), Watches, Clocks & Jewellery (+106.0%) and Department Stores (+91.1%); by contrast, the sales value of Motor Vehicles (-5.1%) dropped. Meanwhile, the sales volume index rose by 64.8% quarter-to-quarter; the indices of Chinese Food Products, Watches, Clocks & Jewellery, Leather Goods and Department Stores leapt by 257.4%, 108.2%, 104.4% and 91.1% quarter-to-quarter respectively, whereas the index of Motor Vehicles dipped by 5.2%.

In respect of retailers’ comments, 48.4% of the retailers expected the sales volume to stay stable year-on-year in the second quarter of 2023, 33.5% anticipated an increase and 18.1% forecasted a decrease. Meanwhile, 75.6% of the retailers predicted that the retail prices would remain steady year-on-year in the second quarter, 15.1% foresaw an increase and 9.3% expected a decrease. As compared with the first quarter of 2023, about 49.2% of the retailers expected stable performance in the second quarter, 26.9% anticipated a favourable outlook and 23.9% envisaged sluggish business.