Jan Retail Sales Fall 21.4%

The value of total retail sales in January, provisionally estimated at $37.8 billion, fell 21.4% compared with the same month in 2019, the Census & Statistics Department announced today.

After netting out the effect of price changes over the same period, the volume of total retail sales decreased 23% year-on-year.

The value of sales of jewellery, watches and clocks, and valuable gifts decreased 41.6%.

This was followed by sales of food, alcoholic drinks and tobacco (-6.8% in value); other consumer goods, not elsewhere classified (-12.1%); medicines and cosmetics (-32.3%); wearing apparel (-28.9%); commodities in department stores (-27%); electrical goods and other consumer durable goods, not elsewhere classified (-20.4%); motor vehicles and parts (-20.2%); footwear, allied products and other clothing accessories (-21.6%); furniture and fixtures (-22%); Chinese drugs and herbs (-16.2%); books, newspapers, stationery and gifts (-25.9%); and optical shops (-23.9%).

The value of sales of commodities in supermarkets increased 10.2% for the period, while that of fuels rose 12.3%.

The Government said retail sales continued to record a sharp fall in January notwithstanding the possible boost from the Lunar New Year, which fell in late January this year but early February last year.

It added that the business environment of retail trade has turned even more austere lately, as the threat of COVID-19 has brought inbound tourism almost to a standstill and caused severe disruptions to consumption-related activities.

The Government will closely monitor the situation and its repercussion on the economy and employment market.