Hong Kong’s retail sales decreased for the eighth consecutive month in October, though at a slower-than-expected pace, preliminary figures from the Census and Statistics Department showed Monday.
The value of retail sales dropped 3.0 percent year-over-year in October, below economists’ expectations for a 5.3 percent decline. In September, sales had fallen 6.3 percent.
At the same time, the volume of retail sales climbed 1.2 percent annually in October, reversing a 3.0 percent fall in the prior month. Economists had expected the same 3.0 percent drop for the month.
The value of sales of jewellery, watches and clocks, and valuable gifts plunged by 17 percent in October from a year ago, while sales of commodities in supermarkets climbed by 1.5 percent.
In the three months ended October, the value of total retail sales rose a seasonally adjusted 0.8 percent from the previous three months and volume of retail sales grew by 2.4 percent.
“The outlook for retail sales will likely be still constrained by the lacklustre performance of inbound tourism. The possible impacts of the dimmer global economic outlook on local consumer sentiment also need to be watched over,” a government spokesman said.
“The Government will continue to monitor the performance of retail business and its repercussions on the wider economy and the job market.”
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