OCT RETAIL SALES DOWN 2.9%

The value of total retail sales in October, provisionally estimated at $32.9 billion, decreased 2.9% compared with the same month in 2023, the Census & Statistics Department announced today.

After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales for the month was 4.9% lower year-on-year.

Of the total retail sales value in October, online sales accounted for 12.3%. Provisionally estimated at $4 billion, the value of online retail sales increased 8.4% compared with a year earlier.

The value of sales of commodities in jewellery, watches and clocks, and valuable gifts decreased 11.1% in October year-on-year.

There were also declines in sales in the following categories: commodities in supermarkets (-0.4%); wearing apparel (-9.8%); commodities in department stores (-9.2%); motor vehicles and parts (-27.5%); fuels (-9.6%); books, newspapers, stationery and gifts (-21.0%); footwear, allied products and other clothing accessories (-6.9%); Chinese drugs and herbs (-7%); furniture and fixtures (-18%); and optical shops (-10.2%).

On the other hand, the value of sales of electrical goods and other consumer durable goods not elsewhere classified increased 17.1% in October over a year earlier.

Sales of other consumer goods not elsewhere classified increased 1%; sales of food, alcoholic drinks and tobacco increased 0.3%, while sales of medicines and cosmetics rose 3.9%.

The Government said the year-on-year decline of total retail sales value narrowed further in October.

It noted that the Mainland’s recent introduction of various measures to boost the economy would help support consumption sentiment and economic activities in Hong Kong.

The central government's various measures benefitting Hong Kong, including the resumption of the multiple-entry Individual Visit Scheme for permanent residents of Shenzhen and its extension to non-permanent residents of Shenzhen with residence permits, together with the local government's various initiatives to boost market sentiment, as well as increasing employment earnings, would be conducive to spending by both residents and visitors in the domestic market, it added.

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