Hong Kong retail sales rise for 9th month as stimulus supports

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  • October Retail Sales Increase 12% YoY, 9th Month of Growth
  • Tourist arrivals in October increase 19.6% year-on-year against growth of 8.2% in September
  • Government sees stimulus supporting retail as epidemic under control

HONG KONG, Nov. 30 (Reuters) – Hong Kong retail sales increased for the ninth consecutive month in October, helped by stronger demand as the economy recovers and the government’s digital voucher program to increase expenses.

Retail sales in October rose 12% from the previous year to HK $ 30.7 billion ($ 3.94 billion), government data showed on Tuesday. This compares to a revised 7.4% increase in September.

“As long as the local epidemic situation remains under control, improving employment and income conditions alongside the consumer voucher program should continue to support the retail sector in the short term,” said a spokesperson. word of the government.

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In terms of volume, retail sales in October rose 9.4% from the previous year, compared to a revised 4.9% increase in the previous month.

For the first 10 months of 2021, total retail sales increased 8.5% in value and 7.1% in volume.

Online retail sales in October jumped 29.4% in value year-on-year, compared to revised growth of 30.7% in September.

Sales of valuable jewelry, watches, clocks and gifts, which depended heavily on mainland Chinese tourists before the pandemic, jumped 23.1% in October.

Clothing, footwear and related products rose 10.9% in October, while sales of electrical appliances and certain consumer durables jumped 52.1%.

Tourist arrivals in October jumped 19.6% from the previous year to 9,353 from the 8.2% increase in September. But the total number of visitor arrivals from January to October fell 98% from the previous year to 72,458.

The city’s economy grew 5.4% in the third quarter from a year earlier, recovering from the pandemic-induced crisis, but longer-term prospects depend on the impact of the zero policy COVID from the government.

Hong Kong’s seasonally adjusted unemployment rate slipped to 4.3% in the August-October quarter, from 4.5% in the July-September period.

($ 1 = 7.7992 Hong Kong dollars)

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Reporting by Donny Kwok and Twinnie Siu; Editing by Jacqueline Wong

Our standards: Thomson Reuters Trust Principles.


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