Retail sales value edges up by 3.9% YoY in October

The total value stood at $31.9b.

The total retail sales value hit $31.9b in October, an increase of 3.9% from the same month in 2021.

Of the total sales value, 10.7% or $3.4b was from online sales. Compared with a year ago, the online retail sales value rose 34.7%.

In the same month, sales of electrical goods and other consumer durable goods not elsewhere classified (+11.4%); jewellery, watches and clocks, and valuable gifts (+13.6%); other consumer goods not elsewhere classified (+2.2%); food, alcoholic drinks and tobacco (+2.1%); medicines and cosmetics (+5.9%); motor vehicles and parts (+57.6%); fuels (+5.3%); books, newspapers, stationery, and gifts (+36.3%); Chinese drugs and herbs (+8.3%); and optical shops (+3.8%) increased.

On the flip side, sales of commodities in supermarkets decreased by 2.7%, followed by sales of commodities in department stores (-17.1%); wearing apparel (-5.8%); furniture and fixtures (-5.7%); and footwear, allied products, and other clothing accessories (-3.7%) decreased. 

The Census & Statistics Department (C&SD), citing the government, said the value of retail sales recorded an accelerated year-on-year increase in October alongside the disbursement of a new batch of consumption vouchers.

Looking ahead, the government said improved labour market conditions and the Consumption Voucher Scheme will continue to provide support to the retail sector, though tightened financial conditions will partly offset the effects.