RETAIL | Staff Reporter, Hong Kong

Retail sales value up 2.7% to $34.8b

Volumte of total retail sales inched up by 3.2%.

The value of total retail sales in August, provisionally estimated at $34.8 billion, rose 2.7% on the same month last year, the Census & Statistics Department announced.

After netting out the effect of price changes over the same period, the volume of total retail sales increased 3.2% year-on-year.

The sales value of jewellery, watches and clocks, and valuable gifts increased 7.3%.

This was followed by commodities in supermarkets (+2.3%); commodities in department stores (+5.2%); medicines and cosmetics (+2.3%); other consumer goods, not elsewhere classified (+4.6%); electrical goods and photographic equipment (+1.4%); motor vehicles and parts (+7.2%); miscellaneous consumer durable goods (+7.6%); books, newspapers, stationery and gifts (+1.8%); fuels (+3.3%); and furniture and fixtures (+3.5%).

The sales value of apparel decreased 0.6%, followed by food, alcohol and tobacco (-3.9%); footwear, allied products and other clothing accessories (-5.2%); Chinese drugs and herbs (-3.2%); and optical shops (-0.1%).

The department said retail sales grew moderately further over a year earlier in August, mainly supported by the prevailing sanguine consumer sentiment amid a full-employment situation.

It said the near-term outlook for retail sales should remain positive given the favourable job and income conditions and stabilisation of inbound tourism, adding the various external uncertainties will continue to be closely monitored.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.