Hong Kong: Retail sales keep the pace in December
January 31, 2013
In December, retail sales rose 8.1% over the same month the year before. The print matched the result recorded in the previous month and exceeded market expectations of a 7.6% rise. The December increase was driven by strong growth in sales of consumer durable goods as well as luxury goods. In the full year 2012, retail sales expanded 7.2%, which marks a deceleration over the 18.4% rise tallied in 2011.
In seasonally adjusted terms, retail sales jumped 5.5% in the three-month period ending in December compared to the previous period ending in September, which marked an acceleration compared to the 3.7% increase recorded in November.
A government spokesman reiterated that the recent improvement in consumer sentiment and strong inbound tourism should support retail sales going forward, but noted that developments in the external sector poses considerable uncertainties.