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Retail sales value down 2.9%

May 05, 2015

The total retail sales value in March, provisionally estimated at $38.4 billion, fell 2.9% over a year earlier, the Census & Statistics Department announced today.

 

The revised estimate of the combined total retail sales value in the first two months dropped 2.0% year-on-year, while that of the first quarter decreased 2.3%.

 

After netting out the effect of price changes over the same period, the total retail sales volume in March increased 0.8% year-on-year. The revised estimate of the combined total retail sales volume in the first two months fell 0.3% year-on-year and that for the first quarter remained virtually unchanged.

 

Analysed by broad type of retail outlet, the sales value of electrical goods and photographic equipment increased 2.8% year-on-year. This was followed by sales food, alcohol and tobacco (+4.0%), miscellaneous consumer durable goods (+88.4%), and books, newspapers, stationery and gifts (+2.3%).

 

The sales value of jewellery, watches and clocks, and valuable gifts decreased 18.6%. This was followed by apparel (-2.2%), commodities in supermarkets (-0.7%), and commodities in department stores (-7.1%).

 

The department said the performance of retail sales remained sluggish in March, conceivably reflecting the slowdown in inbound tourism. Certain consumer durable goods saw some notable increases in sales, mainly helped by the launch of certain smartphone models.

 

Retail sales performance in the near-term is likely to be constrained by the weaker performance of inbound tourism, although stable labour market conditions should still render support to local consumer sentiment, it added.



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