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The Census and Statistics Department (C&SD) released the latest figures on retail sales today (February 4).
The value of total retail sales in December 2013, provisionally estimated at $49.7 billion, increased by 5.7% over a year earlier. After netting out the effect of price changes over the same period, the volume of total retail sales increased by 6.1% in December 2013 compared with a year earlier.
The revised estimate of the value of total retail sales in November 2013 increased by 8.5% over the same period a year earlier, while the volume of total retail sales increased by 9.1%.
Analysed by broad type of retail outlet and comparing December 2013 with December 2012, the volume of sales of jewellery, watches and clocks, and valuable gifts increased by 15.0%. This was followed by sales of wearing apparel (+4.4% in volume); commodities in department stores (+7.8%); commodities in supermarkets (+2.3%); medicines and cosmetics (+11.3%); food, alcoholic drinks and tobacco (+4.6%); other consumer goods, not elsewhere classified (+1.3%); miscellaneous consumer durable goods (+25.0%); motor vehicles and parts (+8.5%); footwear, allied products and other clothing accessories (+1.8%); fuels (+1.5%); Chinese drugs and herbs (+7.4%); and optical shops (+8.3%).
On the other hand, the volume of sales of electrical goods and photographic equipment decreased by 12.6% in December 2013 compared with a year earlier. This was followed by sales of furniture and fixtures (-14.0% in volume); and books, newspapers, stationery and gifts (-3.3%).
Based on the seasonally adjusted series, the volume of total retail sales increased by 4.7% in the fourth quarter of 2013 compared with the preceding quarter.
For 2013 as a whole, the value of total retail sales was $494.5 billion, increased by 11.0% in value and 10.6% in volume over 2012.
Analysed by broad type of retail outlet and comparing the whole year of 2013 with the whole year of 2012, the volume of sales of jewellery, watches and clocks, and valuable gifts increased by 24.8%. This was followed by sales of wearing apparel (+7.1% in volume); commodities in department stores (+16.8%); commodities in supermarkets (+3.6%); medicines and cosmetics (+9.2%); food, alcoholic drinks and tobacco (+0.6%); other consumer goods, not elsewhere classified (+1.3%); miscellaneous consumer durable goods (+54.0%); fuels (+0.8%); footwear, allied products and other clothing accessories (+6.5%); books, newspapers, stationery and gifts (+1.1%); Chinese drugs and herbs (+10.9%); and optical shops (+13.0%).
On the other hand, the volume of sales of electrical goods and photographic equipment decreased by 1.8% in 2013 compared with a year earlier. This was followed by sales of motor vehicles and parts (-1.9% in volume); and furniture and fixtures (-6.5%).
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.
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 noted that retail sales recorded a solid, albeit slower, year-on-year growth in December, reflecting the still positive consumer sentiment and further expansion of inbound tourism.
The spokesman added that looking ahead, the retail business should continue to be underpinned by favourable job and income conditions and sustained growth of inbound tourism in the near term. However, we need to closely monitor the external economic developments, especially those associated with the US monetary policy, and how they may affect the global economic and financial market situation and hence local consumer sentiment down the road.
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 2013 and the provisional figures for December 2013. Year-on-year changes for the whole year of 2013 are also shown.
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 2013 and the provisional figures for December 2013. Year-on-year changes for the whole year of 2013 are also shown.
Table 3 shows the movement of the value and 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) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.
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 C&SD (www.censtatd.gov.hk/hkstat/sub/sp320.jsp?productCode=B1080003).
Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of C&SD (Tel: 2802 1258; e-mail: mrs@censtatd.gov.hk).
Ends/Tuesday, February 4, 2014
Issued at HKT 16:30
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