Hong Kong: Retail sales decelerate in October
December 1, 2011
In October, retail sales rose 15.0% over the same month last year. The print came in a touch below the 15.1% expansion seen in September but overshot market analysts' expectations, which had retail sales expanding a softer 12.0%. The reading marked the third consecutive deceleration as tourism from mainland slows, clouding the outlook for consumption. In seasonally adjusted terms, retail sales rose 1.2% in the three-month period ending in October compared to the previous period ending in July, which was less than half the 2.8% increase recorded in September. A government spokesman noted that retail sales continued to post double-digit growth, as domestic demand, as well as robust tourist spending, continues to buttress consumption.