Hong Kong: Retail sales robust in November
January 2, 2014
In November, retail sales increased 9.0% over the same month of the previous year, which was above the 5.9% rise tallied in October (previously reported: +5.8% year-on-year). The reading, which marked the largest increase in five months, overshot market expectations of a 4.0% rise. The acceleration reflected higher sales of consumer durable goods as well as of clothing and footwear.
Retail sales contracted a seasonally-adjusted 0.6% in the three-month period up to November compared to the previous three-month period ending in August. The reading followed the 3.3% drop recorded in October. A government spokesman stated that sales growth in November reflected, "positive consumer sentiment and further expansion of inbound tourism," and that, "the stable job and income conditions and sustained growth of inbound tourism should continue to support the retail business in the near term."
FocusEconomics Consensus Forecast panelists expect retail sales to expand 12.7% in 2014, which is down 0.7 percentage points over last month's projection. Next year, the panel sees retail sales accelerating to a 14.0% increase.