People wearing face masks are seen at a shopping mall in Hong Kong, July 29, 2020. (WU XIAOCHU / XINHUA)
HONG KONG – Hong Kong retail sales saw a decline in November following an improvement in the preceding month, according to data released on Wednesday.
The provisional figure for total retail sales in November edged down by 4.2 percent year-on-year to HK$29.5 billion ($3.77 billion), the Census and Statistics Department said.
Total retail sales decreased by 1.1 percent in the first 11 months of 2022, compared with the same period in 2021, the Census and Statistics Department said
The revised estimate of the value of total retail sales in October increased by 4.0 percent compared with a year earlier.
Total retail sales decreased by 1.1 percent in the first 11 months of 2022, compared with the same period in 2021, the department said in a statement.
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A government spokesman said that retail businesses softened in November following the improvement the month before.
“For October and November combined, retail sales value held largely stable compared to a year earlier,” he said.
The seasonally-adjusted figures showed total retail sales climbed 1.3 percent in the three months ending November, compared with the preceding three-month period, while the volume of total retail sales increased by 2.2 percent provisionally.
Online sales in November accounted for 12.8 percent of the total. Their value increased 9.4 percent year-on-year to HK$3.8 billion. For the first 11 months of 2022, it was provisionally estimated that online retail sales increased by 21.9 percent compared with the same period last year.
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After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in November decreased by 5.3 percent compared with a year earlier.
For the first 11 months of 2022 taken together, the provisional estimate of the total retail sales decreased by 3.6 percent in volume compared with the same period in 2021.
A government spokesman pointed out that while tightened financial conditions will continue to weigh on local consumption demand, the further relaxation of social distancing measures and continued improvement in labor market conditions will provide support
The government spokesman pointed out that while tightened financial conditions will continue to weigh on local consumption demand, the further relaxation of social distancing measures and continued improvement in labor market conditions will provide support.
Also, the expected increase in visitor arrivals should benefit retail sales performance, he added.
In terms of sales items by value, motor vehicles and parts increased by 24.8 percent in November over a year earlier while electrical goods and other consumer durable goods not elsewhere classified increased by 3.1 percent.
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Commodities in department stores declined by 19.3 percent while wearing apparel decreased by 16.4 percent. Jewellery, watches and clocks, and valuable gifts also declined by 8.3 percent.