Total retail sales value in January, provisionally estimated at $46.6 billion, dropped 14.6% over a year earlier, the Census & Statistics Department announced today.
After netting out the effect of price changes over the same period, total retail sales volume in January dropped 13.9% year-on-year.
The sales value of miscellaneous consumer durable goods was down 44.1%. This was followed by jewellery, watches and clocks, and valuable gifts (-21.4% in value); fuels (-21.4%); footwear, allied products and other clothing accessories (-19%); commodities in supermarkets (-13.1%); and wearing apparel (-12.8%).
The sales value of motor vehicles and parts increased 6.1% in the month. This was followed by furniture and fixtures (+5.9% in value) and electrical goods and photographic equipment (+1.3%).
The department said the notable year-on-year decline in January's retail sales was partly due to the distortion arising from the difference in timing of the Lunar New Year, which fell in mid-February this year, but in late January last year.
Retail sales performance in the near-term will continue to hinge on labour market conditions and inbound tourism growth.
