Information from the Statistics and Census Service (DSEC) indicated that the value of retail sales decreased by 12.5% year-on-year to MOP20.71 billion in the first quarter of 2024, mainly due to the high comparison base in the same quarter last year resulting from an upsurge in demand amid the resumption of local economic activity. The figure represented an increase of 1.2% as compared with the first quarter of 2019. After removing the effect of price changes, the sales volume index declined by 17.8% year-on-year but rose by 2.7% over the first quarter of 2019.

Sales values of Communication Equipment, Watches, Clocks & Jewellery, Leather Goods and Department Stores recorded year-on-year decreases of 42.8%, 18.7%, 17.9% and 14.5% respectively; on the other hand, the sales value of Chinese Food Products increased by 24.2%. In addition, the sales volume indices of Communication Equipment (-42.2%), Watches, Clocks & Jewellery (-26.0%), Leather Goods (-21.5%) and Department Stores (-17.8%) registered notable year-on-year setbacks, while the index of Chinese Food Products went up by 20.1%.

As compared with the fourth quarter of 2023, the value of retail sales grew by 2.3% in the first quarter of 2024, with rises in the sales values of Cosmetics & Sanitary Articles (+16.3%), Adults' Clothing (+7.9%), Supermarkets (+7.7%) and Chinese Food Products (+7.3%); by contrast, the sales values of Communication Equipment (-29.8%) and Motor Vehicles (-20.2%) dropped. Meanwhile, the sales volume index rose by 1.8% quarter-on-quarter; the indices of Cosmetics & Sanitary Articles, Adults' Clothing, Chinese Food Products and Supermarkets increased by 17.1%、10.1%, 7.8% and 7.3%, whereas the indices of Communication Equipment and Motor Vehicles dipped by 30.2% and 20.0%.

In respect of retailers’ comments, 54.7% of the retailers expected the sales volume to stay stable year-on-year in the second quarter of 2024, 37.3% anticipated a decrease and 8.0% forecasted an increase. Meanwhile, 79.7% of the retailers predicted that the retail prices would remain steady year-on-year in the second quarter, 11.7% foresaw a decrease and 8.6% expected an increase. As compared with the first quarter of 2024, about 42.0% of the retailers expected stable performance in the second quarter, 37.3% envisaged sluggish business, and 20.7% anticipated a favourable outlook.