Moreover, they include spending on goods by visitors in Hong Kong but not by Hong Kong residents outside Hong Kong. Hence they should not be regarded as a comprehensive indicator of overall consumer spending. In this context, it may be noted that the share of consumer spending on services in overall consumer spending has been increasing over time.
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.
Compiled from a wide range of data sources, PCE covers consumer spending on both goods (purchased from all channels) and services by Hong Kong residents whether domestically or abroad.
Commentary:
A Government spokesman pointed out that the volume of total retail sales continued to display strong and broad-based growth momentum in June.
Although partly boosted by the relatively low base of comparison in June last year, the retail sales figures revealed the continued strength of local consumer spending, which was underpinned by the strong economic fundamentals, increasing labour income and buoyant stock market.
The spokesman believed that rising employment income and the improving labour market should continue to render support to local consumer spending. The further expansion of inbound tourism would also be conducive to the growth of retail business.
Census and Statistics Department
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