Hong Kong: Retail sales on the surge in 2010

As the global economy has shown signs of picking up, Hong Kong’s value of total retail sales in July 2010, provisionally estimated at HK$27.2 billion, up 18.9% over a year earlier, according to the latest figures released by the Census and Statistics Department.

After netting out the effect of price changes over the same period, the volume of total retail sales increased by 16.0% in July 2010 when compared with a year earlier. The relevant components of the Consumer Price Index are used as deflators. The revised estimate of the value of total retail sales in June 2010, at HK$24.3 billion, increased by 15.3% over June 2009, while the volume of total retail sales increased by 11.9%.

Taking the first seven months of 2010 together, total retail sales increased by 18.0% in value or 14.9% in volume over the same period a year earlier.  Analysed by broad type of retail outlet and comparing July 2010 with July 2009, the volume of sales of motor vehicles and parts increased the most, by 69.9%.T his was followed by sales of jewellery, watches and clocks, and valuable gifts (+23.7% in volume); miscellaneous consumer durable goods (+21.6%); electrical goods and photographic equipment (+21.1%); footwear, allied products and other clothing accessories (+18.2%); commodities in department stores (+16.2%); wearing apparel (+14.1%); miscellaneous consumer goods (+9.9%); food, alcoholic drinks and tobacco (+7.3%); furniture and fixtures (+7.1%); commodities in supermarkets (+4.7%); and fuels (+4.0%). Based on the seasonally adjusted series, the volume of total retail sales increased by 0.6% in the three months ending July 2010 when compared with the preceding three-month period.

These retail sales statistics are primarily intended to measure the sales receipts in respect of goods sold by local retail establishments, for gauging the short-term business performance of the local retail sector. They cover consumer spending on goods but not on services. Moreover, they include spending on goods by visitors in Hong Kong but not by Hong Kong residents outside Hong Kong.