HK NOV Value of Total Retail Sales Down 7.8%

2016-01-04 16:34:36

The Census and Statistics Department (C&SD) announced that the value of total retail sales in November 2015, provisionally estimated at $38.1 billion, decreased by 7.8% compared with the same month in 2014. The revised estimate of the value of total retail sales in October 2015 decreased by 3.0% compared with a year earlier. 

After netting out the effect of price changes over the same period, the volume of total retail sales in November 2015 decreased by 6.0% compared with a year earlier. The revised estimate of the volume of total retail sales in October 2015 increased by 1.2% over a year earlier. Analysed by broad type of retail outlet in descending order of value of sales and comparing November 2015 with November 2014, the value of sales of jewellery, watches and clocks, and valuable gifts decreased by 20.6%. 

This was followed by sales of commodities in department stores (-4.8% in value); wearing apparel (-8.6%); medicines and cosmetics (-7.0%); miscellaneous consumer durable goods (-9.7%); electrical goods and photographic equipment (-10.9%); other consumer goods, not elsewhere classified (-1.0%); fuels (-4.3%); footwear, allied products and other clothing accessories (-8.1%); furniture and fixtures (-6.4%); books, newspapers, stationery and gifts (-5.8%); Chinese drugs and herbs (-10.7%); and optical shops (-6.2%). 

On the other hand, the value of sales of commodities in supermarkets increased by 1.4% in November 2015 compared with a year earlier. This was followed by sales of food, alcoholic drinks and tobacco (+1.4% in value); and motor vehicles and parts (+7.8%). A government spokesman indicated that retail sales slackened distinctly in November, registering a notable year-on-year decline in volume terms. This was mainly dragged by the further slowdown in inbound tourism. 

The increased downside risks to economic outlook and recent stock market corrections might also have resulted in more cautious local consumption sentiment. The near-term performance of retail sales will likely be still constrained by the weakness of inbound tourism. The potential impacts on local consumer sentiment arising from an uncertain economic outlook amid the US interest rate normalisation and other external headwinds also need to be closely watched.

Source from : http://www.aastocks.com/en/default.aspx