Retail has a good fourth quarter

Tourism helped drive-up Hong Kong’s retail earnings during the fourth quarter of 2011.

Retail business receipts grew 23.3% in the quarter compared to the same period in 2010, said the Census & Statistics Department.

Tourism, convention and exhibition services receipts rose 23.4%, due mainly to the significant growth in the number of visitor arrivals and higher tourist spending. Over half of major service industries in the third quarter showed increases in receipts when compared to the same period in 2010.

Also posting double-digit sales increases were accommodations (+13.7%); wholesale (+12.8%) industries; courier services (+8.7%), administrative and support services (+7.9%) and information and communications (+7.9%).

Lower sales, however, were recorded by the financing (except banking) sector. Receipts fell by 21.6% while real estate industry sales dropped by 10.4% due to the consolidation of the local residential property market.