Interviews
Volume of total retail sales up in Nov
03 Jan '08
3 min read
Moreover, they include spending on goods by visitors in Hong Kong but not by Hong Kong residents outside Hong Kong. Hence they should not be regarded as a comprehensive indicator of overall consumer spending. In this context, it may be noted that the share of consumer spending on services in overall consumer spending has been increasing over time.
Users interested in the trend of overall consumer spending should refer to the quarterly series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product.
Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether domestically or abroad.
Commentary:
A Government spokesman pointed out that the total retail sales rose strongly further in November 2007 over a year earlier. This was the sixth consecutive month of double-digit year-on-year growth in volume terms.
Consumer sentiment was upbeat, against the background of a tightened labour market, rising employment income and lower interest rates. The distinct growth in inbound tourism in that month was another important contributory factor.
Going forward, retail sales should continue to hold up well amidst robust consumer confidence and vibrant inbound tourism.
Users interested in the trend of overall consumer spending should refer to the quarterly series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product.
Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether domestically or abroad.
Commentary:
A Government spokesman pointed out that the total retail sales rose strongly further in November 2007 over a year earlier. This was the sixth consecutive month of double-digit year-on-year growth in volume terms.
Consumer sentiment was upbeat, against the background of a tightened labour market, rising employment income and lower interest rates. The distinct growth in inbound tourism in that month was another important contributory factor.
Going forward, retail sales should continue to hold up well amidst robust consumer confidence and vibrant inbound tourism.
Census and Statistics Department
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