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The Census and Statistics Department (C&SD) released the latest figures on retail sales today (February 1).
The value of total retail sales in December 2010, provisionally estimated at $34.9 billion, increased by 18.5% over a year earlier. After netting out the effect of price changes over the same period, the volume of total retail sales increased by 15.9% in December 2010 when compared with a year earlier. The relevant components of the Consumer Price Index are used as deflators.
The revised estimate of the value of total retail sales in November 2010, at $27.0 billion, increased by 18.1% when compared with November 2009, while the volume of total retail sales increased by 15.4%.
Analysed by broad type of retail outlet and comparing December 2010 with December 2009, the volume of sales of miscellaneous consumer durable goods increased the most, by 103.6%. This was followed by sales of footwear, allied products and other clothing accessories (+29.8% in volume); electrical goods and photographic equipment (+27.8%); jewellery, watches and clocks, and valuable gifts (+24.7%); miscellaneous consumer goods (+14.5%); wearing apparel (+14.2%); furniture and fixtures (+13.0%); commodities in supermarkets (+9.4%); motor vehicles and parts (+7.4%); commodities in department stores (+6.7%); and food, alcoholic drinks and tobacco (+3.1%).
On the other hand, the volume of sales of fuels decreased by 3.2% in December 2010 when compared with a year earlier.
Based on the seasonally adjusted series, the volume of total retail sales increased by 8.0% in the fourth quarter of 2010 when compared with the preceding quarter.
For 2010 as a whole, total retail sales increased by 18.3% in value or 15.5% in volume over 2009.
Analysed by broad type of retail outlet and comparing the whole year of 2010 with 2009, the volume of sales of miscellaneous consumer durable goods increased the most, by 49.8%. This was followed by sales of motor vehicles and parts (+36.8% in volume); electrical goods and photographic equipment (+28.6%); jewellery, watches and clocks, and valuable gifts (+26.0%); footwear, allied products and other clothing accessories (+18.3%); wearing apparel (+15.3%); commodities in department stores (+12.5%); furniture and fixtures (+11.9%); miscellaneous consumer goods (+9.5%); food, alcoholic drinks and tobacco (+6.2%); commodities in supermarkets (+3.5%); and fuels (+1.5%).
These retail sales statistics are primarily intended to measure the sales receipts in respect of goods sold by local retail establishments, for gauging the short-term business performance of the local retail sector. They cover consumer spending on goods but not on services. Moreover, they include spending on goods by visitors in Hong Kong but not by Hong Kong residents outside Hong Kong. Hence they should not be regarded as a comprehensive indicator of overall consumer spending. In this context, it may be noted that the share of consumer spending on services in overall consumer spending has been increasing over time.
Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether domestically or abroad.
Commentary
A Government spokesman says that retail sales remained robust in December 2010, showing notable year-on-year increases across a wide range of retail outlets. Growth momentum in retail sales was strong throughout 2010, in tandem with the economic upturn and notable growth in visitor arrivals.
The spokesman adds that the near-term outlook of the retail business should remain favourable, in view of the vibrant inbound tourism and the firm local consumer sentiment upon the much improved job and income prospects.
Further information
Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for November 2010 and the provisional figures for December 2010. Year-on-year changes for the whole year of 2010 are also shown. The value index is compiled with the average monthly value index of retail sales from October 2004 to September 2005 taken as 100.
Table 2 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for November 2010 and the provisional figures for December 2010. Year-on-year changes for the whole year of 2010 are also shown. The volume index is compiled with the average monthly volume index of retail sales from October 2004 to September 2005 taken as 100.
Table 3 shows the movement of the volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.
The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC), which is used in various economic surveys for classifying economic units into different industry classes. Upon the implementation of the new HSIC Version 2.0 by the C&SD in October 2008, the Monthly Survey of Retail Sales has been enhanced to adopt the new classification in compiling the retail sales statistics. Starting from the reference month of January 2009, all the retail sales statistics are compiled based on the HSIC Version 2.0.
More detailed statistics are given in the Report on Monthly Survey of Retail Sales. Users can download this publication free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/commerce_and_industry/index.jsp).
Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of the C&SD (Tel. : 2802 1258 or E-mail : mrs@censtatd.gov.hk).
Ends/Tuesday, February 1, 2011
Issued at HKT 16:32
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