Retail sales grow for 16th consecutive month

Hong Kong’s retail performance in August grew 5.6 percent year-on-year to HK$32.1 billion, according to figures released by the Census and Statistics Department on Friday. This marked the 16th straight month of expansion. Taking the first eight months together, sales gained 8.5 percent from a year ago. Online sales in August increased by 9.9 percent year-on-year to reach HK$2.8 billion – accounting for 8.7 percent of the month's total value. Sales of jewellery, watches and clocks, and valuable gifts gained nearly 12 percent compared to last year to HK$5.1 billion. A government spokesman said there was growth across many types of retail outlets, while online retail sales value grew notably, showing that the shift in spending towards digital channels continued. Looking ahead, it believed sustained economic expansion and rising labour earnings would help drive consumption sentiment and spending. “Continued growth in visitor arrivals and a series of upcoming mega-events should further inject vibrancy into the retail sector,” the spokesman added. “The government will continue to monitor the potential impacts of the evolving external headwinds on the local consumption market closely.” Edited by Aaron Tam