In September, retail sales rose 8.5% over the same month last year. The print came in above both the 3.2% expansion seen in August and market expectations of a 6.0% increase. The faster expansion in September was driven by strong growth in sales of food and non-alcoholic beverages as well as of durable goods. In addition, spending for the Mid-Autumn Festival helped buttress sales in September. In seasonally adjusted terms, retail sales were virtually flat in the three-month period ending in September compared to the previous period ending in June, which contrasted the 0.1% drop recorded in August. A government spokesman reiterated that strong inbound tourism should support retail sales, but noted that the increased pressure on the labour market amid more cautious hiring sentiments, together with an uncertain external environment, may have a dampening effect on local consumer sentiment down the road.
Hong Kong Retail
Retail sales accelerate in September
November 1, 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.