Group 1 - The core viewpoint of the report indicates that Hong Kong's retail sales value increased by 6.5% year-on-year in November, maintaining a moderate recovery trend similar to October's 6.9% growth [1] - The slight slowdown in November retail sales may be partially attributed to the emotional impact of the fire at Hong Fu Court in Tai Po at the end of November [1] - The report anticipates a low to mid-single-digit growth in December retail sales, influenced by a potential decline in the strong momentum of electronic products and a slight slowdown in the year-on-year growth of inbound tourists [1] Group 2 - The report maintains a constructive outlook on Wharf Real Estate Investment Company, rating it as "Overweight," due to signs indicating that non-essential retail is emerging from a trough [1] - Conversely, the report holds a "Neutral" rating on Link REIT, as supermarket sales fell by 2% year-on-year in November, suggesting ongoing competition from cross-border e-commerce for Link REIT's tenants [1]

Core Viewpoint - The retail sector in Hong Kong shows a continued recovery with a significant year-on-year increase in total sales value, driven by various retail categories and improved consumer sentiment [3]. Group 1: Retail Sales Performance - The estimated total retail sales value for November 2025 is HKD 33.7 billion, representing a 6.5% increase compared to November 2024 [1]. - The revised estimate for total retail sales value in October 2025 shows a 6.9% increase compared to October 2024 [1]. - For the first eleven months of 2025, the total retail sales value is estimated to have increased by 0.4% compared to the same period in 2024 [1]. Group 2: Online Sales Growth - In November 2025, online sales accounted for 11.2% of total retail sales, with an estimated online sales value of HKD 3.8 billion, up 28.4% from November 2024 [1]. - The revised estimate for online sales value in October 2025 shows a 27.2% increase compared to October 2024 [1]. - For the first eleven months of 2025, the estimated online sales value increased by 11.4% compared to the same period in 2024 [1]. Group 3: Sales Volume Analysis - The estimated total sales volume for November 2025 increased by 4.4% compared to November 2024, after adjusting for price changes [1]. - The revised estimate for total sales volume in October 2025 shows a 5.3% increase compared to October 2024 [1]. - For the first eleven months of 2025, the estimated total sales volume decreased by 0.9% compared to the same period in 2024 [1]. Group 4: Category-Specific Sales Performance - The sales value of electrical and other classified durable goods increased by 38.6% in November 2025 compared to November 2024 [2]. - Other categories with sales increases include jewelry and watches (3.6%), other unclassified consumer goods (5.5%), and clothing (3.0%) [2]. - Conversely, supermarket goods saw a decline of 2.1%, with other categories like fuel and furniture also experiencing significant decreases [2]. Group 5: Seasonal Adjustments - The seasonally adjusted total retail sales value for the three months ending November 2025 increased by 3.9% compared to the previous three months [2]. - The seasonally adjusted total sales volume for the same period increased by 2.2% [2].

Group 1 - The core viewpoint of the article is that South Korea's retail sales have shown a positive trend for the first time in four years, with a cumulative growth rate of 1.9% in the first three quarters of this year [1] - The constant retail index, which reflects the actual retail level, recorded a cumulative growth rate of 0.4% in the third quarter, indicating an improvement compared to the weak performance in 2023 and 2024, although it remains below the pre-pandemic level of 2% [1] - The recovery in retail sales is largely attributed to strong sales of passenger cars, which showed the highest growth rates among 15 categories, with nominal and constant indices increasing by 12.9% and 14% respectively [1] Group 2 - In the third quarter, the growth rates for passenger cars reached 16% in both nominal and constant indices [1] - Other categories that experienced growth include pharmaceuticals at 9% and heating equipment at 6.4%, while categories such as home appliances (-6.3%), other semi-durable goods (-4.1%), and cosmetics (-3.8%) saw declines [1]

Core Insights - The total sales value of Hong Kong's retail industry in October 2025 is estimated at HKD 35.2 billion, representing a year-on-year increase of 6.9% [1][3] - Online sales accounted for 14.6% of the total retail sales value, with an estimated online sales value of HKD 5.2 billion, marking a year-on-year increase of 27.2% [1][3] Retail Categories Performance - The sales value of electrical and other unclassified durable consumer goods increased by 24.6% year-on-year [3] - Jewelry, watches, and luxury gifts saw a year-on-year sales value increase of 9.5% [3] - Other unclassified consumer goods experienced a year-on-year increase of 9.7% [3] - Categories such as food, alcoholic beverages, tobacco, department store goods, and clothing also recorded year-on-year increases [3] - However, supermarket goods saw a year-on-year decrease in sales value of 1.8% [3] Market Outlook - The spokesperson for the Hong Kong government indicated that the increase in retail sales value in October accelerated compared to September, suggesting a strengthening recovery trend in retail sales [3] - The ongoing improvement in consumer sentiment, along with a significant rise in visitor numbers to Hong Kong, is expected to continue supporting the retail business [3]

Core Insights - The total retail sales value in Hong Kong for October 2025 is estimated at HKD 35.2 billion, representing a year-on-year increase of 6.9%, indicating a continued recovery in retail sales momentum [1] Retail Sales Performance - Online sales accounted for 14.6% of the total retail sales value in October, with an estimated value of HKD 5.2 billion, showing a year-on-year increase of 27.2% [1] - The cumulative online sales value for the first ten months of the year is estimated to have increased by 9.5% year-on-year [1] Category Analysis - The sales value of electrical and other unclassified durable consumer goods increased by 24.6% year-on-year [1] - The sales value of jewelry, watches, and luxury gifts rose by 9.5% year-on-year [1] - Conversely, the sales value of supermarket goods decreased by 1.8% year-on-year, and the sales value of automobiles and auto parts fell by 20.1% year-on-year [1] Seasonal Adjustments - The seasonally adjusted total retail sales value for the three months ending in October increased by 3.0% compared to the previous three months [1] - The seasonally adjusted total retail sales volume for the same period rose by 1.4% [1] Future Outlook - The spokesperson for the Hong Kong government indicated that the year-on-year increase in total retail sales value has accelerated further, with most major retail categories continuing to see growth [1] - Future improvements in consumer sentiment and a significant increase in visitor numbers to Hong Kong are expected to provide ongoing support for the retail sector [1]

Core Insights - The retail sales value in Hong Kong for October 2025 is estimated at HKD 35.2 billion, representing a year-on-year increase of 6.9% compared to October 2024 [1] - Online sales accounted for 14.6% of the total retail sales value in October 2025, with an estimated value of HKD 5.2 billion, marking a significant increase of 27.2% from the same month in 2024 [1] - The overall retail sales quantity in October 2025 increased by 5.3% year-on-year after adjusting for price changes [1] Retail Sales by Category - The sales value of electrical and other unclassified durable goods rose by 24.6% in October 2025 compared to October 2024 [2] - Jewelry, watches, and luxury gifts saw a sales value increase of 9.5%, while other unclassified consumer goods rose by 9.7% [2] - Supermarket goods experienced a decline in sales value by 1.8%, with automotive and automotive parts seeing a significant drop of 20.1% [2] Seasonal Adjustments - The seasonally adjusted retail sales value for the three months ending October 2025 increased by 3.0%, while the seasonally adjusted retail sales quantity rose by 1.4% [2] Future Outlook - The improving consumer sentiment and a significant increase in visitor arrivals to Hong Kong are expected to continue supporting the retail sector [3]