Interviews
Sales volume of footwear & other clothing accessories up
03 Mar '08
3 min read
Based on the seasonally adjusted series, the volume of total retail sales increased by 1.5% in the three months ending January 2008 compared with the preceding three-month period.
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 remained strong in January 2008, recording the eighth consecutive month of double-digit year-on-year growth in volume terms.
The remarkable performance was broad-basedspreading across major types of retail outlets. Yet caution should be exercised when reading the figures for January, as retail sales tend to show greater volatility in the first two months of a year due to the timing of the Lunar New Year.
Looking ahead, the strength in consumer demand, on the back of strong economic fundamentals and rising labour income, together with the robust inbound tourism, should be favourable to the further expansion of retail business.
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 remained strong in January 2008, recording the eighth consecutive month of double-digit year-on-year growth in volume terms.
The remarkable performance was broad-basedspreading across major types of retail outlets. Yet caution should be exercised when reading the figures for January, as retail sales tend to show greater volatility in the first two months of a year due to the timing of the Lunar New Year.
Looking ahead, the strength in consumer demand, on the back of strong economic fundamentals and rising labour income, together with the robust inbound tourism, should be favourable to the further expansion of retail business.
Census and Statistics Department
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