Retail Sales Value Up 29.8%

The value of total retail sales in February, provisionally estimated at $45.2 billion, rose 29.8% compared to the same month a year ago, the Census & Statistics Department announced today.

After netting out the effect of price changes over the same period, the volume of total retail sales increased 28.2% year-on-year.

Noting the difference in timing of the Lunar New Year holiday between last year and this year, the department said analysing figures for the first two months combined better reflects the underlying trend.

The sales value of jewellery, watches and clocks, and valuable gifts increased 21% in the first two months of the year compared to the same period a year ago.

This was followed by sales of wearing apparel (+19.5% in value); medicines and cosmetics (+17.4%); electrical goods and other consumer durable goods, not elsewhere classified (+27.9%); commodities in supermarkets (+1.0%); food, alcoholic drinks and tobacco (+10.5%); commodities in department stores (+10.9%); other consumer goods, not elsewhere classified (+22.3%); motor vehicles and parts (+19.9%); footwear, allied products and other clothing accessories (+18.2%); fuels (+4.5%); furniture and fixtures (+9.3%); Chinese drugs and herbs (+7.6%); and optical shops (+2.1%).

The department said the overall boost in retail numbers from the first two months of 2018 was due to favorable job and income conditions, plus a further pick-up in visitor arrivals.

The near-term outlook for retail sales remains positive, underpinned by upbeat local consumer sentiment, a full employment situation and continued improvement in inbound tourism, it added.