In the first five months of 2015, total retail sales dropped 1.8% in value but increased 1.3% in volume over the same period last year, the Census & Statistics Department announced today.
The value of total retail sales in May, provisionally estimated at $39 billion, edged down by 0.1% over a year earlier.
After netting out the effect of price changes over the same period, the volume of total retail sales increased 4.6% over a year earlier.
Analysed by broad type of retail outlet, the value of sales of jewellery, watches and clocks, and valuable gifts fell 14.9% in May compared with a year earlier.
The department said retail sales showed relative improvement in May but the drag from the slowdown in tourist spending remained notable, as the sales of jewellery, watches and clocks, and valuable gifts continued to register a double-digit year-on-year decline.
The near-term outlook for retail sales will still depend much on the performance of inbound tourism. Stable job and income conditions should render some support to local consumer sentiment.
