Core Viewpoint - Bank of America reports that Hong Kong's retail sales in December increased by 6.6% year-on-year, falling short of the market expectation of 7.9% [1] Group 1: Retail Sales Performance - The total retail sales for the year grew by 1% to HKD 380 billion, with a projected decline of 7.3% in 2024 [1] - December's retail sales growth was supported by non-essential goods, particularly mobile phone sales and a 9.2% year-on-year increase in tourism [1] Group 2: Future Outlook - The bank anticipates stronger growth by 2026, driven by a recovery in the real estate market and the continuation of large-scale events [1] - Overall, retail sales are expected to achieve steady mid-single-digit growth, approaching the 2023 level of HKD 406 billion [1]

Core Viewpoint - Indonesia's retail sales are projected to grow by 4.4% year-on-year and 4.0% month-on-month by December 2025 [1] Group 1 - The expected year-on-year growth rate for retail sales in Indonesia is 4.4% [1] - The month-on-month growth rate for retail sales in Indonesia is projected at 4.0% [1]

Core Insights - Croatia's retail sales experienced a significant increase, with a year-on-year real growth of 4.4% in the first half of the year, driven by rising tourism and improved labor market conditions [2] Group 1: Retail Sales Performance - In June, retail sales saw a real year-on-year increase of 7.5%, marking the highest growth rate in the past year [2] - The consumption of food, beverages, and tobacco products grew by 3.6%, while non-food retail sales (excluding fuel and lubricants) surged by 11.5% [2] - Month-on-month, retail sales in June increased by 3.5%, the largest increase since October 2020 [2] Group 2: Financial Metrics - The total amount of sales invoices issued by retail owners (excluding motor vehicles) in June reached €2.57 billion, reflecting a nominal growth of 11% year-on-year [2] - For the first half of the year, the total value of retail sales invoices increased by 7% year-on-year, amounting to €12.8 billion [2] - The continuous growth in retail consumption has now reached 27 months, with June's acceleration attributed to increased tourism demand, favorable labor market trends, and wage growth [2]