In October, the volume of retail sales rose 19.6% over the same month last year. The figure was well above the 15.8% increase recorded in September and overshot market expectations that retail sales would expand 14.6%. While the monthly expansion was broad-based, the main drivers behind the resilient growth were sales of consumer durable goods, which increased 37.7% year-on-year; sales of jewellery, watches and valuable gifts rose 30.2% yoy. Seasonally-adjusted figures corroborate the strong growth suggested by the annual data. Retail sales increased 7.3% in the three-month period ending in October compared to the period ending in July. Moreover, the trend continues to point up, as annual average growth in retail sales increased from 13.8% in September to 14.7% in October. Looking ahead, a government spokesman was upbeat about the economy, anticipating improvements in jobs and income, together with robust levels of inbound tourism. These positive factors should continue to buttress consumption.
Hong Kong Retail
Retail sales beat expectations in October
November 30, 2010
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Hong Kong Economic News
October 20, 2016
Inflation came in at 2.7% in September, which was markedly below August’s 4.3%—the largest reading in 17 months.
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The Nikkei Hong Kong Purchasing Managers’ Index (PMI) released by IHS Markit rose from August’s 49.0 to 49.3 in September.
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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.
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