Hong Kong: Retail sales improve in October
November 28, 2013
In October, retail sales increased 5.8% over the same month last year, which was above the 4.9% rise tallied in September. The reading, which marked the first improvement after three months of slowing output, undershot market expectations of a 6.5% rise. The acceleration reflected higher sales of jewelry and valuable gifts as well as an increase in sales at supermarkets.
Retail sales contracted a seasonally-adjusted 3.3% in the three-month period up to October compared to the previous three-month period ending in July. The reading followed the 6.2% drop recorded in September. A government spokesman stated that sales growth in October, "reflected the largely stable consumer sentiment and further expansion of inbound tourism," and that, "the retail business in the near term should continue to receive support from the still-favorable labor market conditions and further growth of inbound tourism."
FocusEconomics Consensus Forecast panelists expect retail sales to expand 12.8% in 2013, which is unchanged over last month's projection. Next year, the panel sees retail sales accelerating to a 13.4% increase, which is also unchanged from last month's estimate.