HONG KONG – The value of total retail sales in Hong Kong for January, provisionally estimated at HK$35.3 billion, was 3.2 percent less year-on-year earlier, government data showed on Monday.
After netting out the effects of price changes over the same period, the provisional estimate represents a 5.2 percent year-on-year decrease, according to statistics released by the Census and Statistics Department.
Online sales accounted for 6.9 percent of January’s total retail sales value, showed the data. Provisionally estimated at HK$2.4 billion, the value of this segment increased 3.5 percent from the same month last year.
The value of sales of jewelry, watches, clocks and valuable gifts dropped by 17.9 percent.
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Sales of electrical goods and other consumer durable goods not elsewhere classified; fuels and motor vehicles and parts registered a decrease of 10.5 percent, 4.3 percent, and 52.6 percent respectively.
Meanwhile, sale of books, newspapers, stationery and gifts; furniture and fixtures; Chinese drugs and herbs; and optical shops were down 15.1 percent, 26.4 percent, 4.6 percent, and 4.4 percent respectively.
The value of sales of other consumer goods not elsewhere classified rose by 6.6 percent in January year-on-year.
Sales of commodities in supermarkets were up 4.9 percent; food, alcoholic drinks and tobacco 10.9 percent; wearing apparel 1.2 percent; medicines and cosmetics 4.3 percent; commodities in department stores 0.5 percent; and footwear, allied products and other clothing accessories 7.1 percent.
A spokesman for the Hong Kong Special Administrative Region government said in a statement the value of total retail sales recorded a much narrower year-on-year decline in January, and turned to an increase on a seasonally adjusted month-to-month comparison, possibly due in part to the early arrival of the Chinese New Year this year.
“It would thus be more meaningful to examine the figures for January and February combined, when available, to assess the latest retail sales performance.”
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Looking ahead, the government said changes in the consumption patterns of visitors and residents will continue to affect the retail sector’s near-term performance.
Increasing earnings from employment, and the introduction of various measures by the central government to boost the mainland’s economy and benefit Hong Kong, together with proactive efforts by the HKSAR government to promote tourism and boost market sentiment, will benefit the sector, it added.