People walk past luxurious stores in Tsim Sha Tsui in Hong Kong, China, on Sunday, May 10, 2020. (PAUL YEUNG / BLOOMBERG)
HONG KONG – Hong Kong's retail sales edged up 0.2 percent in September, official data showed, as the pandemic situation in the territory stabilized.
The value of total retail sales in September was provisionally estimated at HK$28.1 billion ($3.58 billion), the Census and Statistics Department said on Tuesday.
Of the total retail sales value in September, online sales accounted for 10.2 percent. Provisionally estimated at HK$2.9 billion, the value of online retail sales increased 21.6 percent compared with a year ago
The revised estimate of the value of total retail sales in August 2022 edged down by 0.2 percent compared with a year earlier. For the first 9 months of 2022, the value of total retail sales was provisionally estimated to have decreased by 1.3 percent compared with the same period last year.
After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in September decreased by 1.5 percent compared with a year earlier.
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Of the total retail sales value in September, online sales accounted for 10.2 percent. Provisionally estimated at HK$2.9 billion, the value of online retail sales increased 21.6 percent compared with a year ago.
For the first 9 months of the year, it was provisionally estimated that the value of online retail sales increased by 22.4 percent compared with the same period in 2021.
Sales of electrical goods and other consumer durable goods not elsewhere classified increased by 14 percent year-on-year while that of jewellery, watches and clocks, and valuable gifts rose 8.4 percent
On the other hand, sales of motor vehicles and parts increased 26.6 percent while the sales of commodities in supermarkets decreased by 1.6 percent for the period.
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In a statement, a Hong Kong Special Administrative Region government spokesman said the value of retail sales reverted to a modest year-on-year growth in September thanks to the notable increase in sales of electrical goods and other consumer durable goods.
For the third quarter as a whole, retail sales value increased further by 1.3 percent year-on-year, he added.
Looking ahead, the spokesman pointed out that the generally stable local pandemic situation, improved labor market conditions and the Consumption Voucher Scheme will continue to support consumption demand in the near term.
However, tightened financial conditions will increasingly offset the positive effects. It remains vital for the community to work together with the government to contain the pandemic, the spokesman said.
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