The total retail sales value in May, provisionally estimated at $39 billion,
decreased by 4.1% over a year earlier, the Census & Statistics Department announced today.
The revised estimate in April dropped 9.9% year-on-year. For the first five months of the year, total retail sales rose 0.2% over a year earlier.
After netting out the effect of price changes over the same period, the total retail sales volume in May fell 4.7% year-on-year. The revised estimate of the total retail sales volume in April dropped 9.6% over a year earlier, while that for the first five months rose 0.1%.
Analysed by broad type of retail outlet, the sales value of commodities in department stores increased by 2.3% in May. This was followed by sales of apparel (+3.7%); commodities in supermarkets (+6.4%); medicines and cosmetics (+8%); food, alcohol and tobacco (+6.5%); and, motor vehicles and parts (+14.7%).
The sales value of jewellery, watches and clocks, and valuable gifts fell 24.5% in the month. This was followed by sales of commodities in electrical goods and photographic equipment (-14.3%); and, miscellaneous consumer durable goods (-7.8%).
Retail sales in May recorded another but narrower decline mainly due to the plunge in the sales of jewellery, watches and clocks, and valuable gifts. Apart from a high base of comparison caused by a spike in gold-related sales a year earlier, sales of other goods continued to grow, reflecting the still positive local consumer sentiment amid full employment.
Looking ahead, the favourable job and income conditions should provide some support to local consumer sentiment, but the base effects and changing visitor spending pattern will continue to cloud the near-term outlook for retail sales business.
