Retails sales of footwear & clothing accessories soar in April

02 Jun '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 retail sales continued to perform well in April, on the back of the sustained strong consumer confidence.

Looking ahead, the firm labour market conditions, rising incomes and further growth of inbound tourism should continue to support the retail trade. Nevertheless, there are uncertainties arising from the impacts of the slowdown in the major advanced economies and ongoing financial market turbulence on the local economy and consumer sentiment.

Census and Statistics Department

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