November retail sales improve

Total net retail sales volume rose 8.1% in November year-on-year.

On the other hand, gross total retail sales value in November was initially estimated at $36.5 billion, or 9.5% higher year-on-year, said the Census & Statistics Department. The revised estimate of total retail sales value in October was $35.5 billion, or up 3.9% year-on-year, while the total retail sales volume grew 3.6%.

For the first 11 months of 2012, total retail sales increased 9.9% in value and 7.1% in volume compared to the year earlier.

The sales volume of miscellaneous consumer durable goods increased the most in November or by 40.5% year-on-year.

This was followed by sales of electrical goods and photographic equipment (+16.8%); optical shops (+13.9%); jewelry, watches and clocks, and valuable gifts (+11.5%); Chinese drugs and herbs (+10.1%); medicines and cosmetics (+10.1%); commodities in department stores (+9.5%); wearing apparel (+6.9%); commodities in supermarkets (+6.5%); and footwear, allied products and other clothing accessories (+0.7%).

The sales volume of furniture and fixtures fell the most, by 10.2% in November over a year earlier. This was followed by sales of motor vehicles and parts (-5.5%); books, newspapers, stationery and gifts (-5%); fuels (-3.4%); and other consumer goods not elsewhere classified (-0.4%).

The department said retail sales picked up to show faster year-on-year growth in November, largely thanks to a broadly stable labour market and a surge in visitor arrivals during that month.

Looking ahead, the vibrant inbound tourism and still largely stable job and income conditions should remain supportive for retail business in the near term.