Retail sales rise 12.8% in March

Online sales climbed 35.1%.

Total retail sales rose 12.8% YoY in March to a provisional $33.9b, according to the Census & Statistics Department.

After adjusting for price changes, retail sales volume increased 9.8% from a year earlier. Online sales accounted for 9.7% of total retail sales value.

The value of online sales was provisionally estimated at $3.3b, up 35.1% YoY.

Motor vehicles and parts posted the sharpest increase, with sales jumping 80.8%. The Government said purchases spiked ahead of the expiry of the first registration tax concessions for electric private cars at the end of March.

Other categories also recorded gains. Electrical goods and other consumer durable goods rose 30.1%, jewellery, watches and clocks, and valuable gifts increased 27.2%, whilst consumer goods not elsewhere classified grew 18.1%.

Clothing sales rose 8.3%, whilst medicines and cosmetics increased 3.1%.

Some segments declined. Fuel sales fell 14.2%, footwear, allied products and other clothing accessories dropped 10.2%, and Chinese drugs and herbs declined 5.4%.

The government said the near-term outlook for retail sales remains broadly positive, supported by recovering local demand, sustained growth in inbound tourism, and a favourable macro-financial environment.

It added that it will continue to monitor downside risks from geopolitical tensions.