Oct retail sales up 3.9%

December 1, 2022

The value of total retail sales in October, provisionally estimated at $31.9 billion, edged up by 3.9% compared with the same month in 2021, the Census & Statistics Department announced today.


After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales for the month rose 2.4% year-on-year.


Of the total retail sales value in October, online sales accounted for 10.7%. Provisionally estimated at $3.4 billion, the value of online retail sales rose 34.7% compared with a year ago.


The value of sales of electrical goods and other consumer durable goods not elsewhere classified increased 11.4%. This was followed by sales of jewellery, watches and clocks, and valuable gifts (+13.6%); other consumer goods not elsewhere classified (+2.2%); food, alcoholic drinks and tobacco (+2.1%); medicines and cosmetics (+5.9%); motor vehicles and parts (+57.6%); fuels (+5.3%); books, newspapers, stationery and gifts (+36.3%); Chinese drugs and herbs (+8.3%); and optical shops (+3.8%).


On the other hand, the value of sales of commodities in supermarkets decreased 2.7%, followed by sales of commodities in department stores (-17.1%); wearing apparel (-5.8%); furniture and fixtures (-5.7%); and footwear, allied products and other clothing accessories (-3.7%).


The Government said that the value of retail sales recorded an accelerated year-on-year increase in October alongside the disbursement of a new batch of consumption vouchers.


Business of many types of retail outlet saw improvement, with sales of consumer durable goods, and jewellery, watches and clocks, and valuable gifts registering double-digit increases.


Looking ahead, the Government pointed out that improved labour market conditions and the Consumption Voucher Scheme will continue to provide support to the retail sector, though tightened financial conditions will partly offset the effects.


As long as the local epidemic situation remains under control and the various restrictive measures can be relaxed in an orderly manner, consumption-related activities should gradually regain momentum, it added.

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