Hong Kong Retail Sales Growth Accelerates To 15.9%

(RTTNews) - Hong Kong's retail sales value grew at the fastest pace in four months in November, preliminary data from the Census and Statistics Department showed on Thursday.

The value of retail sales climbed 15.9 percent year-on-year in November, much faster than the 5.8 percent gain in October.

Meanwhile, online sales, which accounted for 9.3 percent of the total sales value in November, dropped 16.1 percent from last year versus a 9.0 percent increase in the previous month.

The annual growth in retail sales volume also accelerated to a 4-month high of 12.4 percent in November from 2.9 percent in the previous month.

Sales of jewellery, watches and clocks, and valuable gifts alone jumped 60.8 percent, and those of other consumer goods were 29.0 percent higher compared to last year.

The value of total retail sales increased visibly in November over a year earlier, alongside the revival of inbound tourism, the agency revealed.

"Looking ahead, an expected further recovery of inbound tourism should continue to benefit the retail sector," a government spokesman said.

"Continued improvement in household income, as well as various promotional campaigns and activities launched by the government and the industry, should also provide support."