The value of total retail sales in March, provisionally estimated at $34.7 billion, was down 9.8% on the same month last year, the Census & Statistics Department reported today.
After netting out the effect of price changes over the same period, the volume of total retail sales dropped 8.8% year-on-year.
The sales value of jewellery, watches and clocks, and valuable gifts fell 20.3%. This was followed by apparel (-11% in value), commodities in department stores (-5.4%), electrical goods and photographic equipment (-20%), miscellaneous consumer durable goods (-38.2%), motor vehicles and parts (-8%), fuels (-2%), furniture and fixtures (-3.8%), footwear, allied products and other clothing accessories (-4.7%), books, newspapers, stationery and gifts (-8.1%) and optical shops (-3.9%).
The sales value of medicines and cosmetics increased 1.5%, followed by food, alcohol and tobacco (+2.6%), and Chinese drugs and herbs (+4.4%).
The department said the slowdown in inbound tourism, the uncertain economic outlook and asset market consolidation continued to pose a severe drag on local consumption sentiment.
The performance of inbound tourism, the subpar economic conditions and external uncertainties will continue to affect the near-term outlook for retail sales, it added.
