HK retail sales rose for the 10th month in November as a result of improving the economy, Reuters reported
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HONG KONG (Reuters) – Hong Kong’s retail sales rose for the 10th month in November as consumer sentiment remained positive as a result of economic recovery and the government’s digital retail bond scheme to boost spending.
Retail sales rose 7.1% in November from a year earlier to HK $ 30.7 billion ($ 3.94 billion), government figures showed on Monday. This is an increase of 12.1% in October.
“If the local epidemic situation remains under control, the improvement in the economic situation and the labor market should continue to support the retail sector,” a government spokesman said.
In terms of volume, retail sales rose by 4.2% in November compared to the previous month, an increase of 9.4% on the previous month.
In the first eleven months of 2021, total retail sales grew by 8.3% in value terms and by 6.8% in volume.
In November, online retail sales grew by 27.6% in value terms compared to a review of 33.9% growth in October compared to the previous year.
Jewelry, watches, watches and the sale of valuable gifts, which were heavily based on tourists on the mainland before the pandemic, rose 14.4% in November from 23.1% in October, according to data.
Clothing, footwear and related products rose by 16.6% in November, up 10.9% in October.
In November, tourist arrivals rose by 59.2% from a year earlier to 9,492. This is an increase of 19.6% in October. However, from January to November, the total number of visitors fell by 97.7% year-on-year to 81,950.
The city’s economy grew 5.4% in the third quarter from a year earlier, recovering from a downturn caused by the pandemic, but long-term forecasts depend on the impact of the government’s zero-COVID policy.
The government revised its year-on-year economic growth forecast to 6.4% in November, close to the upper limit of the previous forecast range of 5.5% to 6.5%.
The seasonally adjusted unemployment rate fell from 4.1% in September to November to 4.3% in September-November, as the labor market improved with a steady economic recovery.
($ 1 = $ 7.7983 Hong Kong dollars)
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