14 December 2018
The Government released the latest retail sales figures. In October 2018, the sales value grew by 5.9%, to HK$39.7 billion. The retail market continues its growth trend from last year, with 13.4% year-on-year increase for the first six months in 2018. However, stepping into the third quarter, the growth rate has decelerated at 6.5%.
Owing to the uncertain outlook resulting from the China-US trade conflicts, retailers are conservative over the pace of growth. HKRMA member companies forecast flat Christmas holiday sales growth to slight increase in December.
HKRMA forecasts high single-digit growth for 2018 as a whole; while the increase might slow down to low single-digit in 2019. Looking forward, we urge the Government to improve the transportation facilities around the express rail link and Hong Kong-Zhuhai-Macau Bridge so that tourists can easily access to other parts of the city, which will benefit the development of the whole industry.
We just held our Annual Dinner and Retail Awards Presentation Ceremony on 6 December, with an attendance of over 1,200 guests. I would like to express my sincere gratitude to our Guest of Honour, Mr. Paul Chan, the Financial Secretary, for officiating the event. My gratitude shall also be extended to all Association's members and guests who supported the event.
As Christmas is approaching, on behalf of HKRMA, may I wish you a joyful festive season and prosperity in Year 2019!