Hong Kong recorded another decline in retail sales in January, but at a slower rate, according to the Census and Statistics Department.
The value of total retail sales was provisionally estimated at $HK35.3 billion (US$4.5 billion), down 3.2 per cent year on year, compared to the revised 9.6 per cent decrease in December.
Online sales accounted for 6.9 per cent of total retail sales and increased 3.5 per cent compared with last January.
A government spokesperson said the retail sales decline was “much narrower” in January due in part to the earlier arrival of the Lunar New Year.
It would be more meaningful to examine the figures for January and February combined to assess the latest retail sales performance, he added.
By sector, motor vehicles and parts saw a 52.6 per cent sales drop, followed by furniture and fixtures with a 26.4 per cent decline and jewellery, watches and clocks, and valuable gifts with a 17.9 per cent decrease.
Meanwhile, sales of food, alcoholic drinks and tobacco rose 10.9 per cent, followed by footwear, allied products and other clothing accessories (up 7.1 per cent) and commodities in supermarkets (up 4.9 per cent).
In the near term, the spokesperson said the retail sector would continue to be affected by the change in consumption patterns of visitors and residents.
The Central Government’s roll-out of various measures to boost the economy and increasing employment earnings are expected to benefit the sector, he added.
