Hong Kong retail sales highest jump in 2017
In this article (5)
Hong Kong retail sales in November lept 7.5 per cent, the biggest monthly rise in at least three years.
Census and Statistics Department (C&SD) data also showed a revised estimate of 3.9 per cent growth in October, fuelling a year-to-date increase of 1.8 per cent against 2016.
The total volume of retail sales in November, after adjustment for inflation, showed an increase of 6.9 per cent year-on-year.
A government spokesman described November’s figures as “appreciable year-on-year growth” reflecting rising numbers of visitors and “sanguine consumer sentiment” during the month.
“The near-term outlook for retail sales remains positive, as consumer sentiment is buttressed by the favourable employment and income situation, and as inbound tourism continues to recover.”
While jewellery and watch sales led the overall increase, rising 7.9 per cent, not a single retail category showed a decline in November. Cosmetics and medicine sales rose by 12.5 per cent, department store sales by 5.7 per cent, apparel by 3.5 per cent and footwear and accessories by 5.6 per cent. Sales of electrical goods and cameras were up 9.8 per cent.
Questions & Answers
Q.What was the total increase in retail sales volume for November, after accounting for inflation?
What was the total increase in retail sales volume for November, after accounting for inflation?
After adjusting for inflation, the total volume of retail sales in November increased by 6.9 per cent year-on-year. This figure reflects the actual quantity of goods sold rather than just their monetary value.
Q.Which specific retail categories performed best during November?
Which specific retail categories performed best during November?
Cosmetics and medicine sales saw the largest rise at 12.5 per cent. Jewellery and watch sales also performed strongly, leading the overall increase with a 7.9 per cent rise during the month.
Q.What reasons did the government spokesman give for the positive retail sales figures?
What reasons did the government spokesman give for the positive retail sales figures?
The government spokesman attributed the growth to an increasing number of visitors and buoyant consumer sentiment. He also noted that favourable employment and income situations contribute to positive consumer outlook.
Q.Did any retail categories experience a decline in sales during November?
Did any retail categories experience a decline in sales during November?
No, not a single retail category showed a decline in sales during November. All categories mentioned in the report demonstrated positive growth, contributing to the overall strong performance.
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