Dec retail sales fall 19.4%

2020-02-05 07:29:26

The value of total retail sales in December 2019, provisionally estimated at $36.2 billion, fell 19.4% compared with the same month in 2018, the Census & Statistics Department announced today.

After netting out the effect of price changes over the same period, the volume of total retail sales decreased 21% year-on-year.

The value of sales of jewellery, watches and clocks, and valuable gifts decreased 36.7%.

This was followed by commodities in supermarkets (-3.1% in value); wearing apparel (-22.1%); commodities in department stores (-25.3%); food, alcoholic drinks and tobacco (-1.9%); electrical goods and other consumer durable goods, not elsewhere classified (-17.4%); other consumer goods, not elsewhere classified (-14.5%); medicines and cosmetics (-29.9%); motor vehicles and parts (-2.5%); footwear, allied products and other clothing accessories (-20.4%); furniture and fixtures (-1.4%); books, newspapers, stationery and gifts (-14.8%); Chinese drugs and herbs (-9.8%); and optical shops (-19.3%).

The value of sales of fuels increased 13.5% for the period.

For 2019 as a whole, the value of total retail sales was provisionally estimated at $431.2 billion, down 11.1% in value and 12.3% in volume compared with 2018.

The Government said retail sales continued to decline sharply in December 2019, as the impact of local social incidents on consumption and tourism-related activities remained severe.

For the fourth quarter of 2019 as a whole, the volume of retail sales fell by 24.1% year-on-year, representing the largest quarterly decline on record, it added.

The business environment for retail trade has become even more difficult recently, with the novel coronavirus infection threat heavily weighing on inbound tourism and local consumption sentiment.

The Government will monitor the situation closely.

Read Full Article