Total retail sales up 7.5% to $38.7b in November

Medicine and cosmetics rose 12.5%.

Despite a protracted slump in the retail sector, total retail sales rose by 7.5% YoY to a provisional estimate of $38.7b in November, according to data from the Census and Statistics Department.

For the first eleven months of the year, total retail sales are provisionally estimated to have risen by 1.8% YoY. 

Similarly, the volume of total retail sales increased by 6.9% YoY after netting out the effect of price changes. 

Medicine and cosmetics rose 12.5% followed by electrical goods and photographic equipment (9.8%) and Chinese drugs and herbs (8%). 

Sales of jewellery, watches, clocks and valuable gifts continue to make significant advances amidst the retail slump as sales value rose by 7.9% as well as optical shops (5.5%) and motor vehicles and parts (5.3%)..

According to a press release, a government spokesperson indicated that the acceleration of retail sales point to visible growth in inbound tourist arrivals and sanguine consumer sentiment, adding that the near-term outlook for retail sales remains positive amidst a favourable employment and income situation.