February a good month for retail

Total retail sales volume for February less the effects of inflation rose 10% compared to the same month a year earlier.

The Census & Statistics Department said the gross value of total retail sales in February is initially placed at $33.8 billion, a 15.7% increase year-on year earlier.

From December 2011 until February 2012, the volume of sales increased a scant 0.3% seasonally adjusted from the previous three months.

The department noted that retail sales, however, stayed upbeat in February. Improved income conditions and increasing inbound tourism should still be favorable to retail businesses in the near term.

The revised estimate of the value of total retail sales in January at $43.2 billion was up 14.9% on the same month in 2011, while the volume of total retail sales increased 9.1%.

The volume of sales of miscellaneous consumer durable goods increased the most, by 84.4%.

This was followed by sales of electrical goods and photographic equipment (+51.1% in volume); apparel (+10.9%); commodities in department stores (+7.7%); miscellaneous consumer goods (+7.2%); commodities in supermarkets (+6.6%); jewelry, watches and clocks, and valuable gifts (+5.5%); fuels (+3.4%); and, cars and parts (+0.7%).