The government announced that the provisional estimate of the total retail sales value in January this year was 36.2 billion yuan, an increase of 7% year-on-year, higher than market expectations and an increase of 4.5%. After revisions in December last year, the year-on-year increase was 1.2%, two consecutive increases moon.
After deducting the price changes during the period, the provisional estimate of the total retail sales volume in January rose by 5.1% year-on-year; the revised estimate in December last year fell by 0.6% year-on-year.
Online sales accounted for 8.2% of the total value of retail sales.
The provisional estimate of the value of retail online sales for the month was $3.0 billion, down 4.2% year-on-year.
The retail industry has obviously benefited from the distribution of consumer vouchers in Hong Kong.
(Photo by Lu Yiming)
Jewelry, clocks, etc. increased by more than 20%, Chinese medicine increased by nearly 40%
Analyzed in descending order of the provisional estimates of the value of sales by major categories of retailers, the value of sales of other consumer goods, not elsewhere classified, increased by 6% compared with January last year.
This was followed by jewellery, watches, clocks and valuable gifts (sales value increased by 23.1%); electrical appliances and other consumer durables not elsewhere classified (increased by 13.4%); clothing (increased by 14.4%); merchandise in department stores (increased by 3.9%); pharmaceuticals and cosmetics (up 15.3%); automobiles and auto parts (up 1.3%).
Footwear, related products and other clothing accessories (up 16.0%); Chinese medicines (up 38.5%); books, newspapers, stationery and gifts (up 20.3%); and optical shops (up 13.8%).
However, it should be noted that these changes may be affected by the above-mentioned differences in the timing of the Lunar New Year.
On the other hand, sales of goods in supermarkets decreased by 7.2%; this was followed by food, alcoholic beverages and tobacco (-1.0% in value); fuel (-0.1%); and furniture and fixtures (-21.3%).
For the three months ended January this year, compared with the preceding three months, the provisional estimate of the seasonally adjusted value of total retail sales fell by 5.2%, while the provisional estimate of the seasonally adjusted volume of total retail sales down 4.7%.
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Government: Economic recovery will benefit retail sector
The Government pointed out that when interpreting the figures for January, it must be noted that retail sales in the first two months of each year are generally more volatile due to the timing of the Lunar New Year, and local consumer spending is usually at a seasonally high level before the festival.
Since the Lunar New Year falls on January 22 this year, but last year it fell on February 1, the figures may be affected to some extent if the figures are compared year-on-year.
A government spokesman said that with the improving consumer sentiment, the value of total retail sales rose further year-on-year in January, and the early arrival of the Lunar New Year this year should also help.
The business of retailers in many categories has improved, and some have recorded double-digit growth.
Looking ahead, the continued normalization of economic activities and a further pick-up in the number of tourists visiting Hong Kong will benefit the retail industry.
Improved labor market conditions will also provide support.
