Hong Kong October retail sales growth beats expectation

Business | 30 Nov 2018 6:45 pm

Hong Kong's October total retail sales provisionally estimated at HK$39.7 billion, increased by 5.9 percent year to year, higher than market expectation, according to the Census and Statistics Department.

The value of sales of jewelry, watches and clocks, and valuable gifts in October increased by 3.3 percent year on year. Sales of electrical goods and other consumer durable goods rose by 16.1 percent yearly in value, commodities in department stores gain by 3.5 percent yearly.

However, the value of sales of commodities in supermarkets decreased by 0.9 percent in October 2018 compared with a year earlier. This was followed by sales of food, alcoholic drinks and tobacco, dropping by 2.0 percent in value.

For the first ten months of 2018, the value of total retail sales increased by 10.6 percent year on year.

Meanwhile, the K11 Art Mall announced today that its two-year renovation project has completed the first phase, while it has opened the pedestrian access which links the entrance D3 in Tsim Sha Tsui Station and the art mall.

Rebecca Woo, operations director of K11 Concepts, predicts that sales and the number of customers will saw a double-digit growth amid the first Christmas and New Year holiday after the launch of high-speed rail and Hong Kong-Zhuhai-Macao Bridge.

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