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Retail sales value down 5.5%

January 03, 2017

The value of total retail sales in November, provisionally estimated at $36 billion, was down 5.5% 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 decreased 5.6% year-on-year.


The sales value of jewellery, watches and clocks, and valuable gifts fell 14.4%. 


This was followed by commodities in supermarkets (-1.1%); medicines and cosmetics (-3%); miscellaneous consumer durable goods (-15.2%); electrical goods and photographic equipment (-27.3%); motor vehicles and parts (-15.5%); books, newspapers, stationery and gifts (-5.8%); and optical shops (-1.3%).


The sales value of commodities in department stores increased 1.7%, followed by sales of apparel (+4.1%); food, alcohol and tobacco (+0.9%); other consumer goods (+2%); fuels (+2.4%); footwear, allied products and other clothing accessories (+1.5%); furniture and fixtures (+1.9%); and Chinese drugs and herbs (+2.7%).


The department said year-on-year decrease in retail sales widened in November. 


The drop was caused by reduced tourist spending on some big-ticket items. 


The near-term outlook for retail sales will hinge on the performance of inbound tourism as well as the extent to which local consumer sentiment will be affected by the various external uncertainties, it added. 

Asian Financial Forum