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Financial News: Hong Kong Retail Sales Growth Eases In May

Hong Kong Retail Sales Growth Eases In May

06/30/2021 - 07:55:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales grew at a softer pace in May, figures from the Census and Statistics Department showed on Wednesday.

The retail sales volume rose 7.8 percent year-on-year in May, after a 11.0 percent growth in April.

The value of retail sales increased 10.5 percent annually in May, slower than a 12.1 percent gain in the preceding month.

Sales value of jewelry, watches and clocks, and valuable gifts surged 54.8 percent annually in May. Sales of clothing, footwear and allied products gained 12.1 percent and those of other consumer durable grew 22.9 percent.

Prices for consumer goods and fuels rose by 7.5 percent and 22.4 percent, respectively.

"However, it remained far below the pre-pandemic level as inbound tourism remained frozen amid travel restrictions worldwide," a government spokesman said.

"Looking ahead, the spokesman pointed out that while the imminent launch of the Consumption Voucher Scheme should help stimulate local consumer sentiment, the near-term operating environment of the retail sector will remain challenging in the lack of visitor spending," spokesman said.

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