Retail sales value edged up a tad 6.6% to $40.5v

Volume also rose 7.9%.

For the first two months of 2014, total retail sales increased 6.6% in value and 7.9% in volume over the same period last year, the Census & Statistics Department announced.

The value of total retail sales in February, provisionally estimated at $40.5 billion, decreased 2.3% over a year earlier.

After netting out the effect of price changes over the same period, the volume of total retail sales decreased 2.3%.

The department said retail sales tend to show greater volatility in the first two months of a year owing to the timing of the Lunar New Year as local consumer spending normally peaks before the festival.

As the Lunar New Year fell on January 31 this year but on February 10 last year, it is more appropriate to analyse the retail sales figures for January and February taken together in making a year-on-year comparison.

Analysed by broad type of retail outlet and comparing the total sales in January and February, miscellaneous consumer durable goods’ sales value increased the most, by 46.7%. This was followed by optical shops’ sales (12.9% in value), wearing apparel (10.1%) and medicines and cosmetics (9.3%)

Based on the seasonally adjusted series, total retail sales volume increased 3.4% in the three months ending in February, compared with the preceding three-month period.

Favourable job and income conditions and sustained growth of inbound tourism will support the retail business in the near term, the department said.