March Retail Sales Dip 0.2%

The value of total retail sales in March, provisionally estimated at $39.7 billion, dipped 0.2% on 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 0.8% year-on-year.

The sales value of jewellery, watches and clocks, and valuable gifts fell 2.6%, followed by sales of wearing apparel (-2.3% in value); electrical goods and other consumer durable goods, not elsewhere classified (-15.6%); books, newspapers, stationery and gifts (-2.5%); and optical shops (-5.7%).

The sales value of commodities in supermarkets went up 3.3%.

This was followed by sales of medicines and cosmetics (+2.5% in value); commodities in department stores (+5%); food, alcoholic drinks and tobacco (+3.6%); other consumer goods, not elsewhere classified (+7.2%); motor vehicles and parts (+0.2%); fuels (+6.4%); footwear, allied products and other clothing accessories (+7.1%); furniture and fixtures (+4.3%); and Chinese drugs and herbs (+1%).

The department said retail sales declined slightly on a year-on-year basis in March and in the first quarter, reflecting the cautious consumption sentiment amid various external uncertainties.

It added retail sales business should continue to be affected by the external uncertainties in the near term, but the largely stable labour market and the sustained growth in inbound tourism should provide some support.