HK Retail Sales Jumped 12 Percent In October

New provisional government data suggests that local retail sales rose by 12 percent to HK$30.7 billion in October year-on-year.

Sales of electrical goods and consumer durable goods witnessed increases of 52.1 percent, followed by a 23.1 percent rise in jewellery, watch and clock sales, and a 15.5 percent increase in the sales of valuable gifts and footwear, allied products and other clothing accessories.

“The value of total retail sales rose notably by 12 percent in October over a year earlier, as the entrenched economic recovery and disbursement of the second batch of electronic consumption vouchers enhanced consumption sentiment,” a government spokesman said.

“Looking ahead, as long as the local epidemic situation remains under control, the improving employment and income conditions alongside the consumption voucher scheme should continue to support the retail sector in the near term.”

The Census and Statistics Department said that for the first 10 months, the value of total retail sales increased by 8.5 percent year-on-year.