September Retail Sales Up 7.3%

The value of total retail sales in September, provisionally estimated at $28 billion, rose 7.3% compared with the same month in 2020, the Census & Statistics Department announced today.

Of the total retail sales value in September, online sales accounted for 8%. Provisionally estimated at $2.3 billion, the value of online retail sales increased 30.5% 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 4.7% compared with a year earlier.

The value of sales of electrical goods and other consumer durable goods, not elsewhere classified increased 48.3%.

This was followed by sales of food, alcoholic drinks and tobacco (+0.5% in value); jewellery, watches and clocks and valuable gifts (+16.2%); other consumer goods, not elsewhere classified (+18.7%); wearing apparel (+8.8%); medicines and cosmetics (+9.8%); motor vehicles and parts (+8.1%); fuels (+15.1%); and optical shops (+17.3%).

The value of sales of commodities in supermarkets decreased 4.9% for the period, followed by sales of commodities in department stores (-11.6% in value); furniture and fixtures (-1.3%); books, newspapers, stationery and gifts (-6.4%); footwear, allied products and other clothing accessories (-4.2%); and Chinese drugs and herbs (-10.9%).

The Government said the value of total retail sales continued to grow visibly in September, and for the third quarter as a whole, it also rose by 7.3%, partly reflecting the Consumption Voucher Scheme’s (CVS) boosting effect. On a seasonally adjusted quarter-to-quarter basis, the growth rate was 3.7% in the third quarter.

Looking ahead, the Government noted that the stable local epidemic and improving employment and income conditions, together with the CVS, should remain supportive to the retail sector in the near term.

However, to pave the way for a broader based recovery of the retail sector and overall economy, it is essential for the community to strive towards more widespread vaccination, it added.