Retail sales drop 2.3% YoY in April

It was provisionally estimated at $28.9b.

Retail sales in April, provisionally estimated at $28.9b, dropped 2.3% year-on-year (YoY), the Census & Statistics Department reported.

Online sales accounted for 8.1% of the total retail sales, down 3.5% YoY. The value of commodities in supermarkets also fell 2.4% YoY.

There were also declines in the value of sales in the following categories: jewellery, watches and clocks, and valuable gifts (-1.7%); apparel (-5.6%); motor vehicles and parts (-53.4%); fuels (-12.5%); footwear, allied products and other clothing accessories (-5.1%); furniture and fixtures (-16.7%); and optical items (-0.2%).

Meanwhile, the value of sales of “other consumer goods not elsewhere classified” increased by 13.4% for the period.

Increases were also seen in medicines and cosmetics (+7.2%); food, alcoholic drinks, and tobacco (+3%); electrical goods and other consumer durable goods not elsewhere classified (+1.6%); commodities in department stores (+2.1%); books, newspapers, stationery and gifts (+11.7%); and Chinese drugs and herbs (+3.8%).

The government said tourism efforts, job growth, and a stable Mainland economy will support retail. However, ongoing changes in consumption patterns and competition among businesses, amidst an uncertain macroeconomic environment, will continue to pose challenges for the sector.