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 (including goods purchased from all channels) and services by Hong Kong residents whether domestically or abroad.
Commentary:
A Government spokesman pointed out that retail sales continued to register double-digit and broad-based growth in September. The spokesman explained further that consumer sentiment was upbeat, due to rising income and improving job market as well as the buoyant stock market. The strong performance of inbound tourism in September also boosted retail sales.
The spokesman believed that consumer spending is likely to hold up well on the back of the strong economic fundamentals. Continuous robust growth of inbound tourism should also add support to retail business.
Census and Statistics Department
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