The total retail sales value in July, provisionally estimated at $37.6 billion, dropped 2.8% 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 July rose 1.9% year on year.
The sales value of jewellery, watches and clocks, and valuable gifts was down 5%. This was followed by apparel (-13% in value), commodities in department stores (-7.3%), and medicines and cosmetics (-5.4%).
The sales value of commodities in supermarkets increased 0.4% in the month. This was followed by food, alcohol and tobacco (+7% in value), electrical goods and photographic equipment (+4.9%), and miscellaneous consumer durable goods (+67%).
The department said the year on year decline in July's retail sales was partly due to the further slowdown in inbound tourism and partly also due to the impact of stock market correction on consumer sentiment.
Retail sales performance in the near term will continue to hinge on inbound tourism growth and stock market volatility.
