Information from the Statistics and Census Service (DSEC) indicated that the total value of retail sales increased by 49.5% year-on-year to MOP86.25 billion in 2023 amid the recovery of local retail trade; the figure represented a growth of 11.7% compared to 2019. As benefited from the rise in number of visitor arrivals, sales value of Chinese Food Products soared by 337.7% year-on-year in 2023, and the sales values of Watches, Clocks & Jewellery, Leather Goods, Department Stores and Adults’ Clothing rose by 79.5%, 74.2%, 68.9% and 61.6% respectively. By contrast, the sales value of Communication Equipment decreased by 18.6% year-on-year.

After removing the effect of price changes, the average sales volume index rose by 45.9% year-on-year in 2023, with notable growth in the indices of Chinese Food Products (+322.3%), Watches, Clocks & Jewellery (+73.9%), Leather Goods (+69.6%), Department Stores (+64.3%) and Adults’ Clothing (+53.7%); meanwhile, the sales volume index of Communication Equipment (-16.0%) declined.

Analysed by quarter, value of retail sales for the fourth quarter of 2023 totalled MOP20.55 billion, up by 38.9% year-on-year and yet down by 1.0% over the same quarter of 2019. Sales value of Chinese Food Products surged by 313.4% year-on-year, and the sales values of Watches, Clocks & Jewellery, Department Stores, Leather Goods and Adults’ Clothing grew by 65.5%, 60.6%, 59.9% and 51.0% respectively; meanwhile, sales value of Communication Equipment (-11.3%) dropped. The sales volume index rose by 33.2% year-on-year, with significant rise in the indices of Chinese Food Products (+297.9%), Watches, Clocks & Jewellery (+56.5%), Department Stores (+54.3%) and Leather Goods (+50.1%); yet, the sales volume index of Communication Equipment (-9.0%) fell.

Value of retail sales in the fourth quarter of 2023 rose by 1.7% as compared with the revised figure (MOP20.21 billion) in the third quarter. Sales value of Communication Equipment grew markedly by 60.6% quarter-on-quarter, underpinned by the launch of new mobile phones. Sales values of Adults’ Clothing and Motor Vehicles increased by 16.6% and 11.1% respectively, while the sales values of Chinese Food Products and Automotive Fuels showed respective decreases of 10.9% and 7.6%. Meanwhile, the volume index of retail sales went up by 1.3% quarter-on-quarter, with the indices of Communication Equipment and Motor Vehicles rising by 61.0% and 11.9% respectively; the indices of Chinese Food Products and Automotive Fuels, however, dipped by 12.2% and 10.2% respectively.

In respect of retailers’ comments, 45.5% of the retailers expected the sales volume to stay stable year-on-year in the first quarter of 2024, 44.3% anticipated a year-on-year decrease and 10.2% forecasted an increase. Meanwhile, 76.7% of the retailers predicted that the retail prices would remain steady year-on-year in the first quarter, 14.2% foresaw an increase and 9.1% expected a decrease. As compared with the fourth quarter of 2023, about 60.4% of the retailers envisaged a slowdown in business in the first quarter of 2024, 28.8% expected stable performance and 10.8% anticipated a favourable outlook.