Oct Retail Sales Drop 24.3%

The value of total retail sales in October, provisionally estimated at $30.1 billion, fell 24.3% compared with the same month last year, 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 26.2% year-on-year.

The value of sales of electrical goods and other consumer durable goods, not elsewhere classified decreased 16%.

This was followed by jewellery, watches and clocks, and valuable gifts (-42.9% in value); food, alcoholic drinks and tobacco (-11.6%); commodities in department stores (-31.1%); medicines and cosmetics (-33.5%); wearing apparel (-36.9%); other consumer goods, not elsewhere classified (-23.3%); motor vehicles and parts (-19.9%); books, newspapers, stationery and gifts (-10.7%); footwear, allied products and other clothing accessories (-37.0%); furniture and fixtures (-8.2%); Chinese drugs and herbs (-18.9%); and optical shops (-26.5%).

The value of commodities in supermarkets increased by 0.5% for the period.

Retail sales continued to plunge in October and showed the largest year-on-year decline for a single month on record, as the local social incidents with increasing violence depressed consumption sentiment and severely disrupted tourism and consumption-related activities, the Government said.

It added that it will closely monitor the situation and its repercussions on the labour market and the economy.