In December, retail sales rose 15.9% over the same month last year. The figure was above both the 15.4% increase recorded in November and market analyst expectations, which had retail sales expanding 14.5%. While the monthly expansion was broad-based, the main drivers behind the resilient growth were sales of consumer durable goods, which increased 27.4% year-on-year, while sales of jewellery, watches and valuable gifts rose 24.7% yoy. On the other hand, fuel sales dropped 3.2% yoy. Seasonally-adjusted figures corroborate the strong growth suggested by the annual data. Retail sales increased 8.0% in the three-month period ending in December compared to the period ending in September. In the full year 2010 retail sales rose 15.5%, contrasting the 0.8% drop in 2009. Looking ahead, a government spokesman stated that local consumer sentiment is strengthening on the back of improvements in the job market and income, together with robust inbound tourism. These positive factors should continue to buttress consumption.
Hong Kong Retail
Retail sales accelerate in December
February 1, 2011
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Hong Kong Economic News
October 5, 2016
The Nikkei Hong Kong Purchasing Managers’ Index (PMI) released by IHS Markit rose from August’s 49.0 to 49.3 in September.
September 30, 2016
Hopes last month that a recovery in retail sales might be underway were dampened in August on the back of declining numbers of mainland tourists.
September 22, 2016
Inflation came in at 4.3% in August, which was notably above July’s 2.3%.
September 5, 2016
The Nikkei Hong Kong Purchasing Managers’ Index (PMI) released by IHS Markit climbed from July’s 47.2 to 49.0 in August.
August 29, 2016
Although tourist visitors increased for the first time in July after 13 months of successive drops, the effect on retail sales appears to have been limited.