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On the rise: The value of total retail sales in April was $17 billion, up 8.5% over a year earlier. |
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The value of total retail sales in April was $17 billion, up 8.5% over a year earlier, the Census & Statistics Department says. After netting out the effect of price changes over the same period, the overall volume of retail sales rose 7.8%.
The department said the distinct growth recorded in April showed the strong momentum in consumer demand has been sustained by improving labour market conditions and a generally optimistic economic outlook. As the economic recovery proceeds and broadens further in scope, improved income should render continued support to consumer spending.
The revised estimate of the value of total retail sales in March was $16.5 billion, up 6.2% in value or 5.2% in volume over a year earlier. Taking the first four months of the year together, retail sales rose 8.5% in value or 7.6% in volume over the same period a year earlier.
Jewellery, watch sales grow
Increases were recorded in sales in all major types of outlets in April. Analysed by type of retail outlet and comparing April 2005 with April 2004, sales of jewellery, watches and clocks, and valuable gifts increased the most, by 15.5% in volume.
This was followed by sales of motor vehicles and parts (11.3% in volume); electrical goods and photographic equipment (10.2%); wearing apparel (9.5%); commodities in supermarkets (8.1%); miscellaneous consumer goods (7.4%); commodities in department stores (7.2%); fuels (4.8%); footwear, allied products and other clothing accessories (4.5%); miscellaneous consumer durable goods (2.4%); furniture and fixtures (1.7%); and food, alcoholic drinks and tobacco (1.1%).
Based on the seasonally adjusted series, the overall volume of retail sales rose 5.7% in the three months ending April 2005 compared with the preceding three-month period.
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