The Census and Statistics Department (C&SD) released the latest figures on retail sales February 1.
The value of total retail sales in December 2006, provisionally estimated at $21.5 billion, increased by 11.5% over a year earlier. After netting out the effect of price changes over the same period, the volume of total retail sales increased by 8.1% in December 2006 over a year earlier.
The revised estimate of the value of total retail sales in November 2006, at $17.0 billion, increased by 7.4% over November 2005, while the volume of total retail sales increased by 5.0%.
Analysed by type of retail outlet and comparing December 2006 with December 2005.This was followed by sales of jewellery, watches and clocks, and valuable gifts (+13.3%); footwear, allied products and other clothing accessories (+12.6%); furniture and fixtures (+3.6%).
Based on the seasonally adjusted series, the volume of total retail sales increased by 2.2% in the fourth quarter of 2006 compared with the preceding quarter.
For 2006 as a whole, total retail sales increased by 7.3% in value or 5.8% in volume over 2005.
Analysed by type of retail outlet and comparing 2006 with 2005. This was followed by sales of footwear, allied products and other clothing accessories (+8.8%); furniture and fixtures (+4.5%); wearing apparel (+2.8%); and jewellery, watches and clocks, and valuable gifts (+1.0%).
These retail sales statistics are primarily intended to measure the sales receipts 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 quarterly 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 (purchased from all channels) and services by Hong Kong residents whether domestically or abroad.
