Retail sales value up 2.4%

2018-11-02 07:44:59

The value of total retail sales in September, estimated at $36.6 billion, increased 2.4% compared to the same month a year ago, the Census & Statistics Department announced today.

After taking out the effect of price changes over the period, the volume of total retail sales in September rose 1.4% year-on-year.

The sales value of jewellery, watches and clocks, and valuable gifts increased 2.2%.

This was followed by sales of commodities in supermarkets (+3.6% in value); food, alcoholic drinks and tobacco (+3.2%); commodities in department stores (+2%); electrical goods and other consumer durable goods, not elsewhere classified (+4.9%); medicines and cosmetics (+4.9%); other consumer goods, not elsewhere classified (+8.7%); fuels (+6.7%); furniture and fixtures (+1.4%); books, newspapers, stationery and gifts (+8.2%); footwear, allied products and other clothing accessories (+3.4%); and Chinese drugs and herbs (+3.4%).

Meanwhile, the sales value of wearing apparel decreased by 3.8%, while that of motor vehicles and parts dropped 12.4% and optical shops fell 6.7%.

The Government said retail sales grew at a decelerated pace in September, partly due to the temporary drag on inbound tourism due to Typhoon Mangkhut.

It said local consumer spending may also have been dampened by worries over the US-Mainland trade conflicts and stock market corrections.

Favourable labour market conditions and buoyant inbound tourism should provide support to the retail sector in the near term, it added.

Read Full Article