Hong Kong: Retail sales accelerate in 2011
February 2, 2012
In December, retail sales rose 17.1% over the same month the previous year. The print came in above both the 16.9% expansion seen in November and market analysts' expectations, which had retail sales increasing a softer 15.8%. According to the statistical office, retail sales accelerated on the back of stronger tourism from the mainland as well as vibrant local consumption. In seasonally adjusted terms, retail sales rose 2.8% in the three-month period ending in December compared to the previous period ending in September, which was above the 0.7% increase recorded in November. For the full year 2011, retail sales expanded 18.4%, faster than the 15.4% gain observed in 2010. A government spokesman noted that ?the still largely favourable job and income conditions as well as thriving inbound tourism should continue to bode well for the retail business in the near term?.