Retail sales in Hong Kong pick up pace

05 Dec 2018

shopThe Census & Statistics department revealed that retail sales in Hong Kong increased by 5.9% to $39.7b in October, after September’s glum 2.4% growth.

A government spokesperson said in a statement, “[R]etail sales picked up somewhat in October after a deceleration in the preceding month, supported by the faster increase in visitor arrivals and continued income growth.”

Albeit positive, the latest results record the fourth consecutive month of single-digit growth, following double-digit figures being gained since February.

The sales value for medicines and cosmetics, motor vehicles and parts as well as electrical goods recorded faster growth at 14.9%, 13.6% and 16.1% respectively. On the other hand, jewellery, watches, clocks and valuable gifts grew at a slower pace (3.3%).

Other sales increases included those of footwear, allied products and other clothing accessories (9.3%), books, newspapers, stationery and gifts (3.2%), and optical shops and commodities in department stores (3.5%).

The government spokesperson went on to say that Hong Kong’s retail growth is expected to continue being supported by strong inbound tourism levels, but external uncertainties and weaker asset markets could negatively impact consumer sentiment.