Hong Kong’s Census and Statistics Department reported that total retail sales in March reached HK$30.1 billion ($3.85 billion), down 3.5% YoY. After adjusting for price changes, the volume of retail sales fell 4.8%. In Q1 2025, retail sales value dropped 6.5% YoY, while retail volume declined 8.3%. Among major categories, sales of jewelry, watches, and luxury gifts were down 3.9% in March, while apparel, footwear, and related products saw a sharper decline of 10.4%.