Hong Kong October retail sales beat forecast with 6.9pc surge

Hong Kong's retail sales value surged 6.9 percent year-on-year in October, according to the latest government data, beating 4.7 percent forecasted by the market.

The Census and Statistics Department announced the provisional estimate of total retail sales value for October was HK$35.2 billion.

After removing the effects of price changes, the provisional estimate of the total retail sales volume in the month increased by 5.3 percent year-on-year. 

For the first 10 months of the year combined, the provisional estimate of total retail sales volume fell by 1.5 percent.

Online sales accounted for 14.6 percent of the total retail sales value in October, with the provisional estimate for related sales value being HK$5.2 billion, a significant increase of 27.2 percent year-on-year.

By broad category, sales of electrical goods and other undurable consumer goods recorded the largest increase of 26.4 percent in value, with those of jewellery, watches and clocks, and valuable gifts up 9.5 percent.

Notably, commodities in department stores saw sales rise 5.8 percent, while supermarket goods decreased by 1.8 percent.

A government spokesman said the recovery in Hong Kong's retail sales strengthened in October. Most major retail categories experienced sales increases to varying degrees.

Looking ahead, the spokesman noted that the gradual improvement in local consumer sentiment, coupled with the ongoing growth in inbound tourism, should continue to support the retail sector.