Retail Sales Value Up 7.1%

The value of total retail sales in January, provisionally estimated at $48.1 billion, rose 7.1% 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 increased 6.9% year-on-year.

The sales value of jewellery, watches and clocks, and valuable gifts went up 4.7%.

This was followed by sales of medicines and cosmetics (+12.9%); wearing apparel (+2.4%); commodities in department stores (+15.1%); commodities in supermarkets (+8.6%); food, alcoholic drinks and tobacco (+13%); other consumer goods not elsewhere classified (+13.4%); motor vehicles and parts (+9%); footwear, allied products and other clothing accessories (+21%); furniture and fixtures (+8.2%); books, newspapers, stationery and gifts (+1.5%); Chinese drugs and herbs (+7.9%); and optical shops (+2.1%).

The sales value of electrical goods and other consumer durable goods not elsewhere classified fell 11%, followed by sales of fuels (-1%).

Retail sales increased notably in January over a year earlier, partly lifted by the earlier arrival of the Lunar New Year this year and partly by the surge in visitor arrivals that month.

While full employment in the local labour market and the sustained expansion in inbound tourism should provide support to the retail sales business, consumption sentiment will be affected by the unsteady external environment.