Provisional statistics of retail sales for March 2018
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The value of total retail sales in March 2018, provisionally estimated at $39.8 billion, increased by 11.4% over the same month in 2017. The revised estimate of the combined value of total retail sales in January and February 2018 increased by 15.7% over the same period a year earlier. For the first quarter of 2018, it was provisionally estimated that the value of total retail sales increased by 14.3% over the same period in 2017.
After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in March 2018 increased by 10.0% over a year earlier. The revised estimate of the combined volume of total retail sales in January and February 2018 increased by 13.9% over the same period a year earlier. For the first quarter of 2018, the provisional estimate of the total retail sales increased by 12.7% in volume over the same period in 2017.
Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing March 2018 with March 2017, the value of sales of jewellery, watches and clocks, and valuable gifts increased by 23.1%. This was followed by sales of wearing apparel (+11.2% in value); commodities in supermarkets (+2.0%); medicines and cosmetics (+16.5%); electrical goods and other consumer durable goods, not elsewhere classified (+7.8%); commodities in department stores (+17.7%); food, alcoholic drinks and tobacco (+4.0%); other consumer goods, not elsewhere classified (+14.1%); fuels (+5.7%); footwear, allied products and other clothing accessories (+14.4%); furniture and fixtures (+4.0%); books, newspapers, stationery and gifts (+8.0%); Chinese drugs and herbs (+6.8%); and optical shops (+11.2%).
On the other hand, the value of sales of motor vehicles and parts decreased by 3.5% in March 2018 compared with a year earlier.
Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales increased by 7.6% in the first quarter of 2018 over the preceding quarter, while the provisional estimate of the volume of total retail sales increased by 6.2%.
These retail sales statistics measure the sales receipts in respect of goods sold by local retail establishments and are primarily intended for gauging the short-term business performance of the local retail sector. They cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending.
Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication "Gross Domestic Product (Quarterly)" for more details.
Commentary
A government spokesman indicated that retail sales sustained a double-digit year-on-year increase in March, buttressed by the upbeat local consumer sentiment under generally favourable economic conditions and the continued appreciable increase in visitor arrivals.
Looking ahead, the outlook for retail sales should stay sanguine in the near term, given the positive employment and earnings prospects, and the buoyant inbound tourism. The Government will monitor closely the situation, in particular how the evolving external uncertainties will shape local consumption sentiment going forward.
Further information
Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for February 2018 as well as the provisional figures for March 2018. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the first quarter of 2018 are also shown.
Table 2 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for February 2018 as well as the provisional figures for March 2018. The provisional figures on year-on-year changes for the first quarter of 2018 are also shown.
Table 3 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.
The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.
More detailed statistics are given in the "Report on Monthly Survey of Retail Sales". Users can download this publication free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp320.jsp?productCode=B1080003). Alternatively, the historical series of retail sales statistics can be downloaded in the form of a statistical table at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp320.jsp?productCode=D5600089).
Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of the C&SD (Tel: 3903 7400; email: mrs@censtatd.gov.hk).
Ends/Thursday, May 3, 2018
Issued at HKT 16:30
Issued at HKT 16:30
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