In October, retail sales rose 3.7% over the same month last year. The print came in well below both the 8.5% expansion seen in September and market expectations of a 6.0% increase. The slower expansion in October was driven by contractions in sales of food and non-alcoholic beverages as well as of jewellery, watches and valuable gifts, which offset stronger sales in durable goods. In seasonally adjusted terms, retail sales rose 1.8% in the three-month period ending in October compared to the previous period ending in July, which was well above the 0.1% increase recorded in September. A government spokesman reiterated that strong inbound tourism should render some support to retail sales, but noted that persistent uncertainty in the external sector puts pressure on the local labour market, and thus dampens consumption.
Hong Kong Retail
Retail sales slow in October
November 29, 2012
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Hong Kong Retail Chart
Note: Year-on-year changes and annual average variation in %.
Source: Census and Statistics Department Hong Kong and FocusEconomics calculations.
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.