February retail sales surged 22.7% to $41.4b

Thanks to robust inbound tourism.

According to the Census & Statistics Department, the total retail sales value in February, provisionally estimated at $41.4 billion, rose 22.7% over a year earlier.

After netting out the effect of price changes over the same period, the total retail sales volume increased 21.9%.

The revised estimate of total retail sales value in January, at $47.7 billion, grew 10.5% year-on-year, while the total retail sales volume rose 10.4%.

For the first two months, total retail sales increased 15.8% in value and 15.5% in volume over a year earlier.

Analysed by broad type of retail outlet and comparing the combined total sales for January and February the sales volume of jewellery, watches and clocks, and valuable gifts increased by 17.8% year on year. This was followed by apparel (7%); commodities in department stores (12.3%); commodities in supermarkets (6.4%); electrical goods and photographic equipment (20.4%); medicines and cosmetics (10.1%); food, alcohol and tobacco (2.2%); and, miscellaneous consumer durable goods (184.6%).

The volume of sales of other consumer goods, not elsewhere classified and fuels decreased by 1.2% and 1% in the first two months compared with the same period a year earlier.

The department said retail sales picked up strongly in February. Taking the first two months together to remove the distortions caused by the timing of the Lunar New Year, retail sales grew visibly year-on-year. The growth pace was also much faster than that seen in the final quarter of last year.

It said the broadly stable labour market conditions and vibrant inbound tourism should continue to support retail business in the near term.