HK retail sales rise for 10th month in Nov on improving economy

  • 1/3/2022
  • 00:00
  • 6
  • 0
  • 0
news-picture

Nov retail sales rise 7.1% y/y, 10th month of growth Nov tourist arrivals soar 59.2% y/y vs Oct"s 19.6% growth Nov jewellery, watch sales up 14.4% y/y vs Oct"s 23.1% rise Improving economic, labour mkt conditions to give support -Govt HONG KONG, Jan 3 (Reuters) - Hong Kong"s retail sales climbed for a 10th month in November as consumption sentiment remained positive amid an economic recovery and from the government"s digital retail voucher scheme to boost spending. Retail sales in November rose 7.1% from a year earlier to HK$30.7 billion ($3.94 billion), government data showed on Monday. That compares with a revised an 12.1% increase in October. "Provided that the local epidemic situation remains under control, the improving economic and labour market conditions should continue to provide support to the retail sector," a government spokesman said. In volume terms, retail sales in November grew 4.2% from a year earlier, compared with a 9.4% surge the previous month. For the first eleven months of 2021, total retail sales increased 8.3% in value terms and rose 6.8% in volume. Online retail sales in November in value terms jumped 27.6% from a year earlier year compared with a revised figure of 33.9% growth in October. Sales of jewellery, watches, clocks and valuable gifts, which before the pandemic relied heavily on tourists from the mainland, climbed 14.4% in November versus a 23.1% surge in October, the data showed. Clothing, footwear and related products rose 16.6% in November against a 10.9% jump in October. Tourist arrivals in November soared 59.2% from a year earlier to 9,492. That compares with a 19.6% increase in October. However, total visitor arrivals from January to November plunged 97.7% year-on-year to 81,950. The city"s economy grew 5.4% in the third quarter from a year earlier, recovering from the pandemic-induced slump, but longer-term prospects depend on the impact of the government"s zero-COVID policy. The government in November revised its full-year economy growth forecast to 6.4%, close to the upper bound of the previous forecast range of 5.5%-6.5%. The seasonally adjusted unemployment rate slipped to 4.1% in the September-November quarter from 4.3% in the August-October period as the labour market improved along with an ongoing economic recovery. ($1 = 7.7983 Hong Kong dollars)

مشاركة :