Hong Kong: Retail sales remain buoyant in April
May 31, 2011
In April, retail sales rose 21.9% over the same month last year. The print was above the strong 20.2% expansion in March and exceeded market analyst expectations, which had retail sales expanding 20.0%. The monthly expansion was driven by resilient growth in sales of consumer durable goods as well as jewellery, watches and valuable gifts, while sales of food dropped. In seasonally adjusted terms, retail sales increased 5.9% in the three-month period ending in April compared to the previous period ending in January, which was above the 3.8% increase recorded in March and confirmed the resilience of consumer demand. A government spokesman stated that domestic demand as well as robust tourist spending will continue to buttress consumption. Moreover, the government expects GDP to expand 5.0%-6.0% this year, owing to strong economic activity.