Provisional statistics of retail sales for November 2025
The Census and Statistics Department (C&SD) released the latest figures on retail sales today (January 2).
The value of total retail sales in November 2025, provisionally estimated at $33.7 billion, increased by 6.5% compared with the same month in 2024. The revised estimate of the value of total retail sales in October 2025 increased by 6.9% compared with a year earlier. For the first 11 months of 2025 taken together, it was provisionally estimated that the value of total retail sales increased by 0.4% compared with the same period in 2024.
Of the total retail sales value in November 2025, online sales accounted for 11.2%. The value of online retail sales in that month, provisionally estimated at $3.8 billion, increased by 28.4% compared with the same month in 2024. The revised estimate of online retail sales in October 2025 increased by 27.2% compared with a year earlier. For the first 11 months of 2025 taken together, it was provisionally estimated that the value of online retail sales increased by 11.4% compared with the same period in 2024.
After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in November 2025 increased by 4.4% compared with a year earlier. The revised estimate of the volume of total retail sales in October 2025 increased by 5.3% compared with a year earlier. For the first 11 months of 2025 taken together, the provisional estimate of the total retail sales decreased by 0.9% in volume compared with the same period in 2024.
Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing November 2025 with November 2024, the value of sales of electrical goods and other consumer durable goods not elsewhere classified increased by 38.6%. This was followed by sales of jewellery, watches and clocks, and valuable gifts (+3.6% in value); other consumer goods not elsewhere classified (+5.5%); wearing apparel (+3.0%); commodities in department stores (+3.8%); food, alcoholic drinks and tobacco (+2.0%); medicines and cosmetics (+9.2%); and optical shops (+7.3%).
On the other hand, the value of sales of commodities in supermarkets decreased by 2.1% in November 2025 over a year earlier. This was followed by sales of motor vehicles and parts (-3.1% in value); fuels (-11.1%); footwear, allied products and other clothing accessories (-4.3%); furniture and fixtures (-6.1%); books, newspapers, stationery and gifts (-10.6%); and Chinese drugs and herbs (-1.8%).
Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales increased by 3.9% in the three months ending November 2025 compared with the preceding three-month period, while the provisional estimate of the volume of total retail sales increased by 2.2%.
Commentary
A government spokesman said that retail sales sustained its recovery momentum in November. The value of total retail sales increased notably further by 6.5% over a year earlier. Sales of many broad retail outlet types increased.
Looking ahead, the gradual improvement in local consumption sentiment amid sustained economic growth, coupled with the vibrant growth in inbound visitors, will continue to benefit retail businesses.
Further information
Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for October 2025 as well as the provisional figures for November 2025. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the first 11 months of 2025 taken together are also shown.
Table 2 presents the revised figures on value of online retail sales for October 2025 as well as the provisional figures for November 2025. The provisional figures on year-on-year changes for the first 11 months of 2025 taken together are also shown.
Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for October 2025 as well as the provisional figures for November 2025. The provisional figures on year-on-year changes for the first 11 months of 2025 taken together are also shown.
Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.
The classification of retail companies follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.
These retail sales statistics measure the sales receipts in respect of goods sold by local retail companies and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail companies through the Monthly Survey of Retail Sales (MRS). Local retail companies with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics.
The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending.
Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication "Gross Domestic Product by Expenditure Component" for more details.
More detailed statistics are given in the "Report on Monthly Survey of Retail Sales". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080003&scode=530).
Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of the C&SD (Tel: 3903 7400; email:mrs@censtatd.gov.hk).
The Census and Statistics Department (C&SD), Photo source: reference image
