Pedestrians cross an intersection in the Causeway Bay district of Hong Kong on Dec 15, 2014.
(ISAAC LAWRENCE / AFP)
Hong Kong’s retail sales rose 7.1 percent year on year in November, marking an increase for a 10th straight month in 2021, according to provisional figures released by the Census and Statistics Department on Monday.
The provisional data compiled by the government showed that the value of total retail sales in November was HK$30.7 billion (US$3.94 billion), the same as in October, though the year-on-year increase in November was less than the revised 12.1 percent increase for October.
The provisional data compiled by the government showed that the value of total retail sales in November was HK$30.7 billion (US$3.94 billion), the same as in October, though the year-on-year increase in November was less than the revised 12.1 percent increase for October
Though the increase in retail sales in November was lower than the market forecast, “it is reasonable as a performance in the slack season”, said Annie Tse Yau On-yee, chairwoman of the Hong Kong Retail Management Association.
The total retail sales for the first 11 months of 2021 grew 8.3 percent in value terms and rose 6.8 percent in volume compared with the corresponding period in 2020.
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A government spokesperson said that the value of total retail sales remained above HK$30 billion in November thanks to the economic recovery and the Consumption Voucher Scheme.
The improving economic and labor market conditions should continue to provide support to the retail sector as the local pandemic situation remains under control, the spokesperson said.
The value of online transactions increased by 27.6 percent to HK$3.4 billion in the first 11 months of the year compared with the same period in 2020, according to the government’s estimates. For the first 11 months, it was provisionally estimated that the value of online retail sales increased by 40.1 percent compared with the same period one year earlier.
As far as the retail sector is concerned, sales of jewelry, watches and clocks, and valuable gifts showed a 14.4 percent increase in November against a 23.1 percent jump in October. Sales of clothing, footwear and related products increased 16.6 percent in November. Tse said the rebound for those sections would continue through January.
However, the value of sales of commodities in supermarkets decreased by 3.2 percent in November over a year earlier, while food, alcoholic drinks and tobacco saw a 3.9 percent drop in sales.
Looking ahead, Tse said she expects the increase in Hong Kong’s retail sales to be less in January with the rise of the Omicron variant.
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