Residents’ improving income and vibrant inbound tourism are expected to further boost retail business.

The value of total retail sales in May, provisionally estimated at $33.1 billion, was up 27.8% over a year earlier.

According to figures released by the Census & Statistics Department on Monday, after netting out the effect of price changes over the same period, the volume of total retail sales went up 21.6%.

The revised estimate of the value of total retail sales in April increased 27.8% to $32.1 billion over the same month last year while the volume of total retail sales increased 22.1%.

Taking this year’s first five months together, total retail sales was up 23.6% in value and 18.4% in volume over the same period last year.

Analysed by broad type of retail outlet and comparing May this year with the same month last year, the volume of sales of miscellaneous consumer durable goods went up the most by 147.1%, followed by sales of electrical goods and photographic equipment (up 60.5%).

The Government said looking ahead, local consumer sentiment should remain sanguine on the back of improving income. This, together with vibrant inbound tourism, will continue to bode well for the retail business in the coming months.