August retail sales up 8.1% on-year

Growth slower than those earlier this year.

The Census and Statistics Department said the August 2013 retail sales growth was still notable on an on-year comparison. Looking ahead, the performance of the retail business in the near term should continue to receive support from the still-favorable labor market conditions and further growth of the inbound tourism, CSD said.

The unsteady external environment will need to be closely monitored to determine whether this will affect Hong Kong’s economy in the near term.

CSD provisionally estimated the value of total retail sales in August 2013 at $38.7 billion, up 8.1% over a year earlier. After netting out the effect of price changes over the same period, the volume of total retail sales rose 7.2%.

The revised estimate of the value of total retail sales in July 2013 increased by 9.3% over the same period a year earlier, while the volume of total retail sales increased by 8.7%.

For the first eight months of 2013, total retail sales increased by 13.4% in value and 12.8% in volume on-year.

Based on the seasonally adjusted series, the volume of total retail sales fell 3.5% in the three months ending August 2013 compared to the preceding three-month period.

Analysed by broad type of retail outlet and comparing August 2013 with August 2012, the volume of sales of jewelry, watches and clocks, and valuable gifts increased by 22.4%.

This was followed by sales of commodities in supermarkets (+3.4% in volume); commodities in department stores (+21.5%); wearing apparel (+6.4%); food, alcoholic drinks and tobacco (+2.8%); medicines and cosmetics (+5.4%); other consumer goods, not elsewhere classified (+1.4%); miscellaneous consumer durable goods (+11.2%); footwear, allied products and other clothing accessories (+7.8%); Chinese drugs and herbs (+12.7%); and optical shops (+15.1%).

On the other hand, the volume of sales of electrical goods and photographic equipment fell 7.6% in August 2013 on-year. This was followed by sales of motor vehicles and parts (-18.1% in volume); fuels (-2.5%); books, newspapers, stationery and gifts (-1.9%); and furniture and fixtures (-6.0%).