Hong Kong: Retail sales rise in November
January 3, 2012
In November, retail sales rose 16.9% over the same month the previous year. The print came in above both the 15.0% expansion seen in October and market analysts' expectations, which had retail sales increasing a softer 13.8%. According to the statistical office, retail sales accelerated on the back of stronger tourism from the mainland as well as vibrant local consumption. In seasonally adjusted terms, retail sales rose only 0.7% in the three-month period ending in November compared to the previous period ending in August, which was below the 1.7% increase recorded in October. A government spokesman noted that ?the still largely favourable job and income conditions as well as thriving inbound tourism should continue to bode well for the retail business in the near term.?