Hong Kong Retail sales declined notably in June

Economics Research 4 August 2026 | 6:42PM HKT

Hong Kong: Retail sales declined notably in June

Bottom line: Andrew Tilton | On a month-over-month basis (seasonally adjusted non-annualized), Hong Kong Goldman Sachs (Asia) L.L.C.

retail sales value declined by 2.6% in June, and volume also decreased by 2.6%. The Hui Shan | decline in sales value was across the board except for “Jewellery, watches and Goldman Sachs (Asia) L.L.C.

clocks”. Across major categories, sales in consumer durable goods declined the most, Xinquan Chen | followed by sales in department stores. On a year-over-year basis, sales value rose Goldman Sachs (Asia) L.L.C. by 4.6% yoy in June, vs. +7.9% yoy in May. Chelsea Song | Asia-MAP: -3 (3, -1) Goldman Sachs (Asia) L.L.C.

3 out of 5 for relevance to growth

-1 on a scale of -5 to +5 for surprise relative to consensus

Retail sales value: +4.6% yoy in June (Bloomberg consensus: +8.5% yoy) vs. +7.9% yoy in May (revised). Sequential growth (seasonally adjusted by GS): -2.6% non-annualized in June vs. +1.2% in May.

Retail sales volume: +2.3% yoy in June vs. +4.8% yoy in May (revised).

1. Retail sales (in value terms) rose by 4.6% yoy in June (vs. +7.9% yoy in May). On a month-over-month (non-annualized) basis after seasonal adjustment, retail sales value decreased by 2.6% in June (vs. +1.2% in May) (Exhibit 1).

2. The decrease in sales value was across the board except for “Jewellery, watches and clocks”. Across major categories, sales in consumer durable goods declined the most (-9.6% mom sa non-annualized in June vs. +1.5% in May), followed by sales in department stores (-8.8% mom sa non-annualized in June vs. +14.5% in May).

3. In volume terms, headline retail sales increased by 2.3% yoy in June (vs. +4.8% yoy in May). On a month-over-month (non-annualized) basis after seasonal adjustment, retail sales volume decreased by 2.6% in June (vs. +0.6% in May). On a seasonally adjusted index (Dec 2018=100), retail sales diverged across categories – sales in fuels were 55% below the 2018 level, while sales of consumer durables were only 5% below the 2018 level, as shown in Exhibit 2.

Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to

Exhibit 1: Retail sales decreased in June after seasonal Exhibit 2: Sales in fuels and department stores were well adjustment below 2018 levels

Index, sa (Dec 2019=100) Index, sa (Dec 2019= Fuels

140 140 Department stores 130 130 Jewellery, watches and clocks 120 120 Clothing and footwear 110 110 Food and drinks 100 100

90 90 Supermarkets Hong Kong retail sales 80 80 Others Value 70 70 Consumer durable Volume Gap between retail sales volume vs. pre-Covid levels (% difference from 2018 Dec levels)

Source: Hong Kong Census and Statistics Department Other consumer goods include medical goods, cosmetics, books, newspapers, stationery, etc.

Source: Hong Kong Census and Statistics Department, Goldman Sachs Global Investment Research