Retail sales jump 7.1% YoY to $30.7b in November 2021
This is due to the positive consumer sentiment and the economic recovery.
Total retail sales in Hong Kong have posted growth for the 10th consecutive month in November 2021, increasing by 7.1% year-on-year (YoY) to $30.7b, according to the Census and Statistics Department.
For the first 11 months of 2021, total retail sales rose by 8.3% compared to the same period in the previous year, it said.
A government spokesman said the value of total retail sales remained above $30b as “consumption sentiment remained positive thanks to the entrenched economic recovery and the Consumption Voucher Scheme."
The spokesman also said that the improving economy and the labour market will continue to support the retail sector if the local epidemic situation remains under control.
This is following a 12.1% YoY increase in value of retail sales recorded in October 2021.
Online sales accounted for 11.2% of the total retail sales value in November 2021, increasing by 27.6% compared to the same period last year, estimated at HK$3.4b, it said.
The value of online retail sales increased by 40% for the first 11 months of 2021 compared to the same period in 2021.
Across retail sectors, the value of sales of electrical foods and other consumer durable goods not elsewhere classified rose by 0.5% YoY in November. Value of sales in other sectors also saw year-on-year increase such as commodities in department stores by 9.3%, other consumer goods not elsewhere classified by 25.2%, jewellery, watches, and clocks, and valuable gifts by 14.4%, and wearing apparel by 17.9%.
Medicines and cosmetics also rose by 12.9%, motor vehicles and parts by 4.2%, fuels by 11.6%, footwear, allied products and other clothing accessories by 9.6%, books, newspapers, stationery, and gifts by 2%, Chinese drugs and herbs by 11.4%, and optical shops by 9.1%.
However, the estimated value of sales of commodities in supermarkets declined by 3.2% YoY, whilst sales of food, alcoholic drinks, and tobacco decreased by 3.9% and furniture and fixtures dipped by 1%.
The department added that the provisional estimate of the volume of total retail sales during the month rose by 4.2% YoY, whilst the estimated total volume of retail sales for the first 11 months climbed by 6.8% compared to the same period in 2020.