Hong Kong October Retail sales up 6.9%, Showcasing Strong Economic Support
According to the census and statistics department of Hong Kong, the total value of retail sales in October has gone up 6.9% with a provisional estimation of $35.2 billion. This estimate was 5.3% higher year-on-year after factoring out the effect of the price changes over the same period.
Sales Increase in Every Sector
One of the biggest factors of growth was the increase in online sales, which was responsible for 14.6% of the total retail sales for the month. With an estimated valuation of $5.2 billion, the sector rose 27.2% compared with a year earlier. Additionally, the value of electrical goods sales and other consumer durable goods that weren’t grouped elsewhere also increased by 24.6%.
How Were the Increases Elsewhere?
The value of sales in several other categories also increased. This includes jewellery, watches and clocks, and valuable gifts, which went up by 9.5%. Food, alcoholic drinks and tobacco went up by 6%, while commodities in department stores went up by 5.8%. Similarly, allied products and other clothing accessories went up by 1.1% and also the wearing apparel by 0.9%. On a similar note, the medicine and cosmetics sectors went up by 3.8% while the allied products and other clothing accessories went up by 1.1%. Optical sector also saw good business as the growth went up by 4.4%.
Decreases in Some Sectors
Some sales did decrease, for example, the commodities in supermarkets that went down by 1.8%. Similarly, the sales value of motor vehicles and parts went down by 20.1% and fuels by 8.7%. Similarly, sales of books, newspaper, stationery and gifts decreased by 0.6%, furniture and fixtures by 2.3% and herbs by 6.6%. In the coming times, the ongoing improvement in local customer sentiment is expected to keep supporting retail business growth.
