Saturday, August 2, 2014   

HK retail sales continue to slump in May
(07-03 16:52)

Hong Kong saw its retail sales totaled HK$39 billion in May, down 4.1 percent from a year ago, the Census and Statistics Department said today.
The department also revised the figure for April 2014, where the total retail sales fell 9.9 percent. For the first five months of the year, total retail sales dipped 0.2 percent in value over the same period a year earlier.
After netting out the effect of price changes over the same period, the volume of total retail sales in May 2014 decreased by 4.7 percent over a year earlier.
''The still favourable job and income conditions should provide some support to local consumer sentiment, but the near-term outlook of retail sales business will continue to be clouded by the base effects and the changing visitor spending pattern,'' a government spokesman said.
The value of sales of commodities in department stores gained 2.3 percent, followed wearing apparel (up 3.7 percent), commodities in supermarkets (up 6.4 percent), and medicines and cosmetics (up 8.0 percent).
Sales of jewellery, watches and clocks, and valuable gifts plunged 24.5 percent in May compared with a year ago. This was followed by sales of electrical goods and photographic equipment (down 14.3 percent), miscellaneous consumer durable goods (down 7.8 percent); and books, newspapers, stationery and gifts (down 1.3 percent).   
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