Oct retail sales up 5.6%

The value of total retail sales in October, provisionally estimated at $33.8 billion, rose 5.6% 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 2.7% year-on-year increase.

Of the total retail sales value in October, online sales accounted for 11%. Provisionally estimated at $3.7 billion, the value of this segment went up by 8.4% compared with a year earlier.

The value of sales of jewellery, watches, clocks and valuable gifts increased 27.4%.

Increases were also recorded in the sales of other consumer goods not elsewhere classified (up 24.8% in value); food, alcoholic drinks and tobacco (up 1.3%); apparel (up 29.9%); commodities in department stores (up 1%); medicines and cosmetics (up 23.5%); books, newspapers, stationery and gifts (up 1.8%); and footwear, allied products and other clothing accessories (up 2.5%).

By contrast, the value of sales of electrical goods and other consumer durable goods not elsewhere classified decreased 12.5% over a year earlier.

Sales also declined in some other categories, including supermarkets (down 5.8% in value); motor vehicles and parts (down 4.8%); fuels (down 17.3%); furniture and fixtures (down 24.8%); and Chinese drugs and herbs (down 2%).

The Government said the value of total retail sales had risen alongside a continued revival of inbound tourism.

Looking ahead, it said a further anticipated recovery in visitor arrivals should benefit the retail sector, and that continued improvement in household income and various activities that bolster the economy, including the Night Vibes Hong Kong campaign, will provide support.

Nevertheless, factors such as tight financial conditions and economic uncertainty will weigh on consumer sentiment, the Government added.