Hong Kong retail sales have increased 4.1 percent in January from the same month of the preceding year, its census and statistics department release showed.
The latest period’s retail sales accounted for HK$44.9 billion in the month. The release pointed out that the revised estimate of December increased 5.8 percent from the same month of the previous year.
Excluding price changes, Hong Kong would have seen its total retail sales expanding by 2.2 percent from the prior year month. This was a provisional estimate announcement by the department. Similarly, the revised estimate for December indicated an increase of 4.3 percent from the same month of 2016.
“In explaining the figures for January, we must note that the sales volume of retail sales in the first two months of each year generally fluctuates relatively strongly under the influence of the Lunar New Year. Local consumer spending is usually at a seasonal high before the holiday season. As the Chinese New Year this year is on February 16 but the previous year is January 28, the yearly figure for January 2016 compared to January 2017 is likely to be affected to some extent Impact,” the statement added.
Jewelry, watches and clockwork and valuable gifts sales grew 10.4 percent in January on a year-on-year basis. This was followed by 3.3 percent increase in clothing, 12.1 percent in medicine and cosmetics, 21.1 percent in appliances and other unclassified consumer durable goods and 9.6 percent in other unclassified consumer goods sales. Motor vehicles and auto parts sales jumped 24.9 percent in January.