Hong Kong: Retail sales accelerate in September
November 1, 2010
In September, the volume of retail sales rose 15.8% over the same month last year. The figure was above the revised 14.9% increase recorded in August (previously reported +14.7% year-on-year) and overshot market expectations that had seen retail sales expanding 13.5%. The monthly expansion was broad-based. That said, the main drivers behind the resilient growth were sales of consumer durable goods which increased by 27.2% year-on-year, as well as jewellery, watches and valuable gifts, which rose 25.4% yoy. Seasonally adjusted figures corroborate the strong growth suggested by the annual data, as retail sales increased 5.5% in the three-month period ending in September, compared to the period ending in June. Moreover, the trend continues to point up, as annual average growth in retail sales increased from 12.6% in August to 13.8% in September. A government spokesman stated that looking ahead, positive developments in jobs and income prospects, together with robust inbound tourism should continue to render support to retail business in the near term.