Hong Kong SAR (China) - Retail Sales

Hong Kong SAR (China): Retail Sales

Mnemonic WRT.IHKG
Unit Index Oct2019 to Sep2020=100, NSA
Adjustments Not Seasonally Adjusted
Monthly 14.11 %
Data Dec 2022 120.5
Nov 2022 105.6

Series Information

Source Census and Statistics Department Hong Kong Special Administrative Region (HKSARG)
Release Report on Monthly Survey of Retail Sales
Frequency Monthly
Start Date 1/31/1981
End Date 12/31/2022

Release Information

For Hong Kong SAR (China), monthly total retail sales level, and value and volume indexes of sales (RSI).


  • Classification: Hong Kong Standard Industrial Classification (HSIC) Version 2.0, the 2008 localization of UN ISIC Rev. 2
  • Measurements:
    • Millions of Hong Kong dollars (Mil. HKD)
    • Fixed-base value index relative to latest HES interval (Index Oct2019 to Sep2020=100)
    • Volume index (Vol. Index Oct2019 to Sep2020=100)
  • Adjustment: Not seasonally adjusted (NSA)
  • Native frequency: Monthly
  • Start date: 2004m10


  • 2014-15=100 - 1981 to 2021
  • 2009-10=100 - 1981 to 2016
  • 2004-05=100 - 1981 to 2011

Retail sales statistics are primarily intended to measure the sales receipts of goods sold by local retail establishments, for gauging the short-term business performance of the local retail sector. They cover consumer spending on goods, but not on services. They include spending on goods by visitors in Hong Kong but not by Hong Kong residents outside Hong Kong, so are not a comprehensive indicator of overall consumer spending.

Source: The Monthly Survey of Retail Sales (MRS), using a sample of establishments drawn from all the retail establishments registered with the Business Registration Office of the Inland Revenue Department, the Food and Environmental Hygiene Department and the Housing Department.

The base period is 12 months in length, but it spans two calendar years, that being the survey period of the quinquennial Household Expenditure Survey (HES).

October to September is not the Hong Kong tax year, which starts on April 1, but it does match the fiscal year used by some companies.

The weights are derived from the HES.

Industry classification: statistics are compiled based on the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, the 2008 localization of UN ISIC Rev. 2.

Value indices measure the changes in value terms. The volume indexes are deflated by specially constructed price indices and as of 2016 use a chain-linked approach.

The base year (reference period) is updated every five years.

Moody's Analytics supplements

Where necessary, we extend history. Seasonally adjusted counterparts are produced using the X-13ARIMA-SEATS.

Data are provisional when first published and are subject to revision.

Seasonally adjusted measures are revised each year upon publication of the January period, for the prior three years.

The index base period is advanced every five years.

Retail sales show pronounced volatility in the first two months of the year (January and February) due to the variable timing of the Lunar New Year festival.

Further reading

At the source:

Press releases are bilingual (Chinese-English) and a full methodology appears in each.