Interviews
Total retail sales up by 12.8% in value
31 Jan '08
3 min read
Analysed by type of retail outlet and comparing the whole year of 2007 with 2006. This was followed by sales of footwear, allied products and other clothing accessories (+16.5%); jewellery, watches and clocks, and valuable gifts (+15.8%); commodities in department stores (+10.8%); wearing apparel (+9.1%); miscellaneous consumer goods (+8.5%); furniture and fixtures (+7.8%); commodities in supermarkets (+3.4%) and miscellaneous consumer durable goods (+3.1%).
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. 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 total retail sales continued to grow strongly in December 2007 over a year earlier, reflecting the prevailing strength in consumer spending as well as the sustained rapid expansion of inbound tourism. For 2007 as a whole, retail sales volume rose markedly by 10.1%, the fastest increase since 1992.
Looking ahead, the robust labour market conditions, vibrant inbound tourism and upbeat consumer sentiment should continue to render support to retail business. Yet the recent heightened volatility in the financial markets is an area to watch out.
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. 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 total retail sales continued to grow strongly in December 2007 over a year earlier, reflecting the prevailing strength in consumer spending as well as the sustained rapid expansion of inbound tourism. For 2007 as a whole, retail sales volume rose markedly by 10.1%, the fastest increase since 1992.
Looking ahead, the robust labour market conditions, vibrant inbound tourism and upbeat consumer sentiment should continue to render support to retail business. Yet the recent heightened volatility in the financial markets is an area to watch out.
Census and Statistics Department
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