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Financial News: Hong Kong Retail Sales Grow In February

Hong Kong Retail Sales Grow In February

03/30/2021 - 05:10:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales rose for the first time in over two years in February, figures from the Census and Statistics Department showed on Tuesday.

The retail sales volume grew 31.7 percent year-on-year in February, after a 14.6 percent fall in January.

The value of retail sales accelerated 30.0 percent annually in February, after a 13.7 percent decline in the preceding month.

Sales value of jewelry, watches and clocks, and valuable gifts surged 114.1 percent annually in February. Sales of clothing, footwear and allied products gained 89.4 percent and those of department stores grew 47.0 percent.

Prices for other consumer goods and fuels rose by 24.4 percent and 11.0 percent, respectively.

"A government spokesman said that retail sales increased sharply year-on-year in February, reflecting the distortion caused by the difference in timing of the Lunar New Year as well as an exceptionally low base of comparison early last year due to the COVID-19 outbreak," a government spokesman said.

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