October Retail Sales Up 12%

The value of total retail sales in October, provisionally estimated at $30.7 billion, rose 12% compared with the same month in 2020, the Census & Statistics Department announced today.

Of the total retail sales value in October, online sales accounted for 8%. Provisionally estimated at $2.5 billion, the value of online retail sales increased 29.4% year-on-year.

After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales for the month increased 9.4% compared with a year earlier.

The value of sales of electrical goods and other consumer durable goods, not elsewhere classified increased 52.1%.

This was followed by sales of commodities in supermarkets (+1.3% in value); jewellery, watches and clocks, and valuable gifts (+23.1%); commodities in department stores (+5.5%); other consumer goods, not elsewhere classified (+15%); wearing apparel (+10.1%); medicines and cosmetics (+13.2%); fuels (+7.5%); furniture and fixtures (+4.1%); footwear, allied products and other clothing accessories (+15.5%); Chinese drugs and herbs (+3.9%); and optical shops (+23.9%).

The value of sales of food, alcoholic drinks and tobacco decreased 1.7% for the period, followed by sales of motor vehicles and parts (-18.6% in value); and books, newspapers, stationery and gifts (-3%).

The Government said the value of total retail sales rose notably by 12% in October over a year earlier as the entrenched economic recovery and disbursement of the second batch of electronic consumption vouchers enhanced consumption sentiment. Sales of electrical goods and consumer durable goods witnessed particularly remarkable increases.

Looking ahead, the Government noted that 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.

To strengthen the foundation for a broad-based economic recovery, it is essential for the community to strive towards more widespread vaccination and abide by the anti-epidemic measures, it added.