The value of total retail sales in March rose 5 percent on a
year earlier, to HK$18.9 billion (US$2.42 billion), Hong Kong's
Census and Statistics Department said Thursday.
For this year's first quarter, total retail sales increased 9.4
percent in value or 6.6 percent in volume over the same period last
year, the department said.
After netting out the effect of price changes over the same
period, the volume of total retail sales saw a 3.5 percent
year-on-year rise in March.
The growth slowed in March after several months of notable
growth, partly due to the fall-off in supermarket sales, as well as
in sales of motor vehicles which are volatile from month to
month.
Yet sales of clothing and footwear, electrical appliances and
department stores' sales held up very well, a reflection of
consumers' willingness to spend in tandem with the economic
upturn.
The volatility in the stock market that began at the end of
February and extended into most of March, and the slow-down in
inbound tourism led to lower spending on luxurious items like
jewelry and watches.
For this year's first quarter, total retail sales increased 9.4
percent in value, or 6.6 percent in volume, over the same period a
year earlier. Based on the seasonally adjusted series, the volume
of total retail sales went up 1.9 percent in this year's first
quarter compared with the preceding quarter.
For the first quarter as a whole, retail sales picked up, as can
be seen from the slightly faster year-on-year growth in the first
quarter than last year's fourth quarter, and also from the
continued growth on a seasonally adjusted quarter-to-quarter
basis.
Looking forward, rising household income, an improved job market
and sustained low interest rates should continue to offer support
to retail businesses.
(Xinhua News Agency May 4, 2007)