In 2023, Hong Kong's retail sales grew by 16.2 percent, reaching $52.15 billion (HK$406.7 billion), rebounding from a slight contraction in the previous year, despite a softer growth in December. December's retail sales rose by 7.8 percent YoY, totaling $4.65 billion (HK$36.3 billion HKD), compared to November's 15.9 percent jump. Sales of jewelry, watches, clocks, and valuable gifts surged by 50.1 percent in December, while sales of clothing, footwear, and accessories increased by 18.3 percent.