AMRO：2025年超越柜台：是什么推动了香港零售业？（英文版）

Once highly vibrant, the retail sector of Hong Kong, China has experienced more moderate growth in recent years amid both cyclical shocks and structural changes. This analytical note examines the key drivers of the sector using empirical analysis. The findings show that inbound tourism and real wages have a positive and statistically significant impact on retail sales, reflecting the importance of external demand and household purchasing power. In contrast, Hong Kong dollar appreciation, risi