Retail sales see 11th month of decline in January

Hong Kong’s retail sales fell for the 11th consecutive month by 3.2 percent year-on-year in January, though the Lunar New Year falling on that month has been considered a factor.

The value of total retail sales was estimated to be HK$35.3 billion. The year-on-year decline in January was smaller than December’s 9.6 percent drop and the narrowest in three months.

A government spokesman said the much narrower year-on-year decline may have been due to the earlier arrival of the Lunar New Year holiday this year.

For the three months that ended in January, retail sales declined by 3.6 percent compared to the previous three months.

Online sales in January accounted for 6.9 percent of total retail sales value and estimated to be HK$2.4 billion, a 3.5 percent increase from a year earlier.

The spokesman said the near-term performance of the retail sector would continue to be affected by changing consumption patterns, but measures from the central and Hong Kong governments, as well as increasing employment earnings, would benefit the sector.

STAFF REPORTER