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HK Aug Value of Total Retail Sales Down 10.5%
The Census and Statistics Department (C&SD) announced that the value of total retail sales in August 2016, provisionally estimated at $33.9 billion, decreased by 10.5% compared wit...
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The Census and Statistics Department (C&SD) announced that the value of total retail sales in August 2016, provisionally estimated at $33.9 billion, decreased by 10.5% compared with the same month in 2015. The revised estimate of the value of total retail sales in July 2016 decreased by 7.7% compared with a year earlier. For the first eight months of 2016 taken together, it was provisionally estimated that the value of total retail sales decreased by 10.2% compared with the same period in 2015.
After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in August 2016 decreased by 12.7% compared with a year earlier. The revised estimate of the volume of total retail sales in July 2016 decreased by 8.4% compared with a year earlier. For the first eight months of 2016 taken together, the provisional estimate of the total retail sales decreased by 10.2% in volume compared with the same period in 2015.
Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing August 2016 with August 2015, the value of sales of jewellery, watches and clocks, and valuable gifts decreased by 26.6%. This was followed by sales of commodities in supermarkets (-0.9% in value); commodities in department stores (-10.7%); wearing apparel (-3.4%); medicines and cosmetics (-0.9%); electrical goods and photographic equipment (-27.9%); motor vehicles and parts (-5.7%); miscellaneous consumer durable goods (-37.8%); fuels (-6.0%); footwear, allied products and other clothing accessories (-5.3%); furniture and fixtures (-4.9%); Chinese drugs and herbs (-2.2%); and optical shops (-7.4%).
On the other hand, the value of sales of food, alcoholic drinks and tobacco increased by 8.8% in August 2016 over a year earlier. This was followed by sales of other consumer goods, not elsewhere classified (+2.8% in value); and books, newspapers, stationery and gifts (+1.9%).
A government spokesman indicated that the weak performance of retail sales continued in August, reflecting the drag from the decline in visitor arrivals in that month as well as the cautious consumer sentiment amid an uncertain economic outlook.
The near-term outlook for retail sales will still hinge on the performance of inbound tourism and the extent to which local consumer sentiment will be affected by various external headwinds. The government will continue to monitor closely the retail sales performance and its repercussions on the wider economy and job market.
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