Retail outlet sales value up 8% to $299b in 9M

This is the 17th consecutive month of retail sales expansion.

Provisional retail sales in the first nine months (9M) increased by 8.3% year on year (YoY) to $299.4b, according to the latest figures released by the Census & Statistics Department (C&SD) on 3 November.

Online retail sales also increased by 21.2% YoY, with revised August and provisional September sales totalling $2.7b and $4.3b, respectively.

Food, alcoholic drinks and tobacco are projected at $28.3b (+2.1% YoY) in 9M, excluding supermarkets. Revised August figures recorded $2.9b (+2% YoY), whilst provisional September sales are up 5% YoY to $3.8b.

Supermarkets are expected to reach $38.2b (+1.1 YoY) in the same period, with revised August figures amounting to $4.4b (2.1% YoY). The initial September figures moderated to $4.3b (-1%).

Fuel sales decreased by 12.8% YoY to $5.5b, with August and September sales dipping by 11.7% and 3%, respectively.

Clothing, footwear and allied products grew 3.9% YoY to $32.8b. Consumer durable goods sales were worth $43b (+17% YoY), followed by Department Stores with $21.8b (+0.8% YoY).

Jewellery, watches and clocks and valuable gifts totalled $45.8b (+22.4% YoY), whilst other consumer goods amounted to $83.6b (+8.6% YoY).

Clothing, footwear and allied products led the volume index of retail sales, up17.4% in 9M. This is followed by the other consumer goods (+8.1%) and valuable gifts segment (6.8%). Fuels declined sharply by 25.3% YoY.

A government spokesman said total retail sales value grew faster by 6.4% YoY, marking its 17th consecutive month of expansion.

The spokesman attributed growth to a broad, solid local consumption sentiment. The earlier Mid-Autumn Festival also contributed to sales, driven by visitor arrivals and purchases of festive items.

Meanwhile, online retail sales value rose due to growing use of digital channels.

The spokesman expects sustained solid economic expansion and salary growth to bolster consumption locally.