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Financial News: Hong Kong Retail Sales Increase In September

Hong Kong Retail Sales Increase In September

11/01/2022 - 05:57:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales increased in September after falling in the previous month, provisional figures from the Census and Statistics Department showed on Tuesday.

The value of retail sales rose 0.2 percent annually in September, reversing a 0.2 percent fall in August.

Sales for consumer durable goods logged double digit growth of 14.6 percent in September.

Sales of jewelry, watches and clocks, and valuable gifts rose 8.4 percent and those of fuel increased by 5.3 percent.

The retail sales volume decreased 1.5 percent year-on-year in September, following a 3.0 percent drop in the prior month.

On a seasonally adjusted basis, the total retail sales value rose 0.3 percent in the third quarter compared with the previous quarter.

The value of retail sales returned to a modest yearly growth in September, due to a significant increase in sales of electrical goods and other consumer durable goods, a government spokesman said.

The value of total retail sales increased 0.3 percent sequentially in the third quarter and the volume grew 0.7 percent. The retail sales value increased further by 1.3 percent year-on-year in the third quarter.

The spokesman pointed out that the generally stable local epidemic situation, improved labor market conditions and the Consumption Voucher Scheme will continue to support consumption demand in the near term.

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