China News Service, Hong Kong, November 11 (Reporter Wei Huadu) The Census and Statistics Department of the Hong Kong Special Administrative Region Government announced on the 30th that the provisional estimate of the total value of retail sales in Hong Kong in October this year was HK $30.10 billion, an increase of 338.5% year-on-year, rising for 6 consecutive months. In the first 11 months of this year, the provisional estimate of the value of total retail sales rose by 10.17% year-on-year.
According to the data, the sales value of jewellery, watches and clocks and luxury gifts increased by 10.27% in October this year compared with the same period last year. Other consumer goods not classified rose by 4.24%; Food, Alcoholic Beverages and Tobacco increased by 8.1%; clothing rose by 3.29%; Goods in department stores rose by 9%; Medicines and cosmetics, stationery and gifts also recorded increases.
On the other hand, the value of sales of electrical appliances and other unclassified consumer durables decreased by 10.12% in October this year compared with the same period last year. Supermarket goods decreased by 5.5%; automobiles and auto parts decreased by 8.4%; fuel decreased by 8.17%; furniture and fixtures decreased by 3.24%; Traditional Chinese medicine decreased by 8%.
The value of retail sales in October this year rose far less than market expectations, and the growth rate was the slowest this year. According to the Hong Kong Retail Management Association, although there were long holidays and an increase in tourists during the period, the value of retail sales only recorded a single-digit increase, which was not as expected. Due to the weakening of local spending power and the fact that Hong Kong people are travelling north or abroad during the holidays, the retail sector remains cautious even if there is a peak Christmas season ahead. Retail sales in the second half of the year were worse than in the first half.
A spokesman for the Hong Kong SAR government said that the number of visitors to Hong Kong will further recover in the future, household income will continue to improve, and a number of economic promotion activities such as Hong Kong's Night Fun will be held, which should benefit the retail industry. However, factors such as tight financial conditions and economic uncertainty will weigh on consumer sentiment. (ENDS)