HK April retail sales expected to rise for 12th month

Financial Secretary Paul Chan is expecting April retail sales to show solid growth, marking the 12th consecutive monthly increase and reflecting a stable recovery in Hong Kong's retail sector.

April's retail sales figures are set to be released on Tuesday (2 June). In his weekly blog, Chan said a new wave of technological revolution and industrial transformation is picking up speed.

Breakthroughs in technology, along with innovation in products and design, are boosting both investment and sales, making them a key driver of economic growth. In particular, exports of AI-powered electronic products helped push the overall value of merchandise exports higher in April, with the year-on-year growth rate accelerating to 42.9%.

In his blog, Chan cited an international consulting firm's 2026 global wealth report, which estimates that Hong Kong's cross-border wealth management assets grew 10.7% year-on-year last year to about HK$23 trillion. This pushed Hong Kong past Switzerland to become the world's largest cross-border wealth management centre — reaching that goal even earlier than expected. The report also projects that from now until 2030, Hong Kong's cross-border wealth will grow by roughly 9% each year, a pace faster than Switzerland's.

According to Chan, the report makes an interesting observation: as geopolitical tensions rise and AI advances rapidly, capital is being shifted around on an unprecedented scale. Unilateralism and regional conflicts have created major uncertainty for the global economy, leading money to move more quickly toward stable and secure destinations.

"At the same time, continuous breakthroughs in AI have demonstrated vast development potential, attracting massive inflows of capital into related sectors. How to simultaneously capture and effectively harness both of these capital flows is one of the key challenges currently facing Hong Kong's development," he said. 

Under "one country, two systems," Hong Kong enjoys a common law system, free flow of capital, freely convertible currency, a simple and low tax regime, and a regulatory framework that aligns with international standards. Chan said these institutional advantages continue to attract capital inflows into Hong Kong - a clear vote of confidence from both local and overseas capital in the city's system and investment environment.

While Hong Kong's asset and wealth management business is now worth over HK$35 trillion, with 54% of funds coming from outside mainland China and Hong Kong, the sector has also seen strong growth, according to Chan. He said from 2015 to 2024, assets under management doubled and licensed asset management firms rose from 1,135 to nearly 2,212. The government has also introduced support measures such as tax breaks for family offices, giving ongoing momentum to the industry.

Mark your calendars for 24 June! #Content360 Hong Kong returns with a dynamic, one-day event dedicated to pivotal trends—from the silver economies to breakthrough IP collaborations, sports, and beyond. Let's dive into the art of curating content with creativity, critical thinking and confidence!

Related articles:

HK retail sales surge 12.8% in March
HK retail sales jump 19.3% in February as online shopping rises
HK retail sales up 5.5% YOY in January