NOV RETAIL SALES UP 15.9%

4-1-2024

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The value of total retail sales in November, provisionally estimated at $34.2 billion, rose 15.9% compared with the same month in 2022, the Census & Statistics Department announced today.
 
After netting out the effect of price changes over the same period, the provisional estimate represents a 12.4% year-on-year increase.
 
Of the total retail sales value in November, online sales accounted for 9.3%. Provisionally estimated at $3.2 billion, the value of this segment went down by 16.1% compared with a year earlier.
 
The value of sales of electrical goods and other consumer durable goods not elsewhere classified increased 0.8%.
 
Increases were also recorded in the sales of jewellery, watches and clocks, and valuable gifts (up 60.8%); other consumer goods not elsewhere classified (up 29%); wearing apparel (up 54.1%); commodities in department stores (up 15%); food, alcoholic drinks and tobacco (up 6.3%); medicines and cosmetics (up 38.7%); footwear, allied products and other clothing accessories (up 24.4%); Chinese drugs and herbs (up 33.7%); books, newspapers, stationery and gifts (up 11.1%); and optical shops (up 17.8%).
 
By contrast, the value of sales of commodities in supermarkets decreased 5% over a year earlier.
 
Sales also declined in some other categories, including motor vehicles and parts (down 22.9% in value); fuels (down 12.8%); and furniture and fixtures (down 13.1%).
 
The Government said the value of total retail sales increased visibly over a year earlier alongside the revival of inbound tourism.
 
Looking ahead, an expected further recovery of inbound tourism should continue to benefit the retail sector. Continued improvement in household income, as well as various promotional campaigns and activities launched by the Government and the industry should also provide support, it added.




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