Financial News: Hong Kong Retail Sales Jump 40.9%

Hong Kong Retail Sales Jump 40.9%

(RTTNews) - Hong Kong's retail sales value grew at a record pace at the end of the first quarter as consumer and visitor spending continued to improve, preliminary data from the Census and Statistics Department showed Thursday.

The value of retail sales surged 40.9 percent year-on-year in March, faster than the 31.3 percent gain in February.

It was also the strongest rate of growth since retail sales records began in 2005.

Meanwhile, online sales, which accounted for 7.6 percent of the total sales value in March, dropped 8.6 percent from last year versus a 3.8 percent fall in the previous month.

The annual growth in retail sales volume also accelerated to 39.4 percent in March from 29.7 percent in the previous month.

Sales of jewellery, watches and clocks, and valuable gifts alone jumped 165.0 percent, and those of clothing, footwear and allied products were 141.2 percent higher compared to last year.

Retail sales rose further in March over a year earlier due to higher consumer and visitor spending, though low comparisons also contributed, the agency revealed.

"Looking ahead, the retail sector performance will continue to benefit from the recovery of private consumption and inbound tourism," a government official said.

"The disbursement of a new round of consumption vouchers will render further support."

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