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 growth momentum in the volume of retail sales remained vigorous and broad-based. The spokesman explained that this reflected the upbeat consumer sentiment on the back of the robust economic fundamentals, rising wages and improving labour market.
The booming stock market during the month, together with the continued increase in the number of incoming visitors, also helped.
The spokesman believed that sustained increase in labour income and further expansion of inbound tourism should remain the favourable factors supporting the retail business.
Census and Statistics Department