Analysed by type of retail outlet and comparing June 2008 with tree guards June 2007, the volume of sales of fuels increased the most, by 18.6%); miscellaneous consumer durable goods.
A Government spokesman said that retail sales expanded at a more moderate pace recently, after a rather long period of exceptionally strong performance. They cover consumer spending on goods but not on services.3% in volume over the same period a year earlier.
These retail sales statistics are primarily intended to measure the sales receipts in respect of goods sold by local retail establishments, for gauging the short-term business performance of the local retail sector.
Taking the first half of 2008 together, total retail sales increased by 15.9%); miscellaneous consumer goods (+5.0%); wearing apparel (+9.2 billion, increased by 11.4%).1%.2 billion, increased by 13.6% over a year earlier.
Users interested in the trend of overall consumer spending should refer to the quarterly series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product.fashion-accouterment.5% and 1. After netting out the effect of price changes over the same period, the volume of total retail sales increased by 4.
The revised estimate of the value of total retail sales in May 2008, at $23.1%); furniture and fixtures (+6. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether domestically or abroad. Yet, the firm labour market conditions, together with further expansion of inbound tourism, should continue to provide support to the retail trade.6%.
Based on the seasonally adjusted series, the volume of total retail sales decreased by 1.1%); and jewelry, watches and clocks, and valuable gifts (+1.3% respectively in June 2008 compared with a year earlier, while the volume of sales of food, alcoholic drinks and tobacco remained almost unchanged.
Looking forward, the slowing global economic growth, strains in the financial markets, elevated inflationary pressure and international commodity prices, and consolidation in local asset prices are all likely to put a drag on the local economy and hence influence consumer sentiments.3%); commodities in department stores (+3. Hence they should not be regarded as a comprehensive indicator of overall consumer spending.
Moreover, they include spending on goods by visitors in Hong Kong but not by Hong Kong residents outside Hong Kong.