Retail sales value in Hong Kong up 21.6%

Continued robust sales of big-ticket items are reflective of the firm consumer sentiment.

The value of total retail sales in October, provisionally estimated at $27.8 billion, increased by 21.6% over a year earlier, according to the Census & Statistics Department.

After netting out the effect of price changes over the same period, the volume of total retail sales increased by 19.6%, according to a government report.

Total retail sales in the first 10 months of 2010 increased 18.3% in value or 15.5% in volume over the same period last year.

Comparing October 2010 with October 2009, the volume of miscellaneous consumer durable goods increased the most, 88.5%, followed by sales of electrical goods and photographic equipment (+39.0%); footwear, allied products and other clothing accessories (+33.8%); and, jewellery, watches and clocks, and valuable gifts (+30.2%).

The revised estimate of the value of total retail sales in September, at $25.1 billion, rose 17.2% over a year earlier, while the volume of total retail sales increased by 15.8%.

Retail sales grew briskly in October. Sustained robust sales of big-ticket items and consumer discretionaries are reflective of the firm consumer sentiment as well as vibrant tourist spending.

Looking ahead, improving job and income prospects and the prevailing strength of inbound tourism should remain favourable to retail business.