October retail sales beat estimates

Hong Kong's retail sales in October grew 12 percent, beating estimates and the growth trend is expected to continue but at a slower pace.

Total retail sales climbed for the ninth straight month in October to HK$30.7 billion, compared to a rise of 7.4 percent in September, the latest data from the Census and Statistics Department showed.

A government spokesman said the entrenched economic recovery and disbursement of the second batch of electronic consumption vouchers enhanced consumption sentiment.

Looking ahead, the spokesman pointed out that as long as the local epidemic situation remains under control, the improving employment and income conditions alongside the consumption voucher scheme should continue to support the retail sector in the near term.

Online retail sales accounted for 8 percent of the total sales in October and it increased 29.4 percent from a year ago, compared with a 30.7 rise in September.

Among different categories, sales of electrical goods and other consumer durable goods surged by 52.1 percent in October and jewelry, watches and clocks, and valuable gifts, which relied heavily on mainland Chinese tourists before the pandemic, also surged 23.1 percent in October. But sales of motor vehicles and parts dropped 18.6 percent from a year ago.

For the first 10 months of 2021, total online retail sales jumped by 41.7 percent compared with the same period in 2020.