The total retail sales value in August, provisionally estimated at $37.9 billion, dropped 5.4% 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 August dropped 0.2% year on year.
The sales value of jewellery, watches and clocks, and valuable gifts was down 8.8%. This was followed by commodities in department stores (-8.6% in value), apparel (-13.5%), and medicines and cosmetics (-5.1%).
The sales value of commodities in supermarkets increased 0.4% in the month. This was followed by electrical goods and photographic equipment (+3.9%), and miscellaneous consumer durable goods (+50.2%).
The department said the year on year decline in August’s retail sales was partly due to the slowdown in inbound tourism and partly due to the effect of the recent stock market gyrations on consumer sentiment.
Retail sales performance in the near term will continue to hinge on inbound tourism growth and stock market volatility.
