美银：料香港9月份零售销售额将进一步改善

Core Insights - Bank of America reports that Hong Kong's retail sales in August increased by 3.8% year-on-year, surpassing the expected 2.0% growth, and showed a quarterly increase of 1.5% after a decline of 1.9% in July [1] Retail Sales Performance - The year-on-year growth in retail sales was supported by strong sales in luxury goods and non-essential items, with luxury sales (jewelry and watches) increasing by 16.4% compared to the previous year, up from 8.9% [1] - Clothing sales slightly rose to 3.2%, while department store sales slowed to 2.0% [1] - Sales of electronic products and durable goods rebounded from -8.3% to 0.4% [1] - Supermarket and food retailer sales declined by 0.9% and 3.5%, respectively, while automobile sales fell by 8.9% and fuel sales saw an expanded decline of 11.4% [1] Factors Supporting Retail Recovery - The recovery in retail sales is likely supported by various factors, particularly the improvement in visitor numbers, which has notably boosted luxury and non-essential sales [1] - In August, Hong Kong recorded 4.2 million visitors from mainland China, marking the highest monthly visitor count since the border reopened in 2022 [1] - Bank of America anticipates that the rise in Hong Kong stocks and stability in the real estate market in September will create a wealth effect, further improving retail sales [1]