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 retail sales continued to show vibrant and broad-based growth in August. The spokesman explained that this was supported by rising incomes and better job prospects, which enhanced people's willingness to spend.
The overall thriving stock market in August despite some market volatilities arising from the US sub-prime mortgage turbulence, together with the further expansion in inbound tourism, also helped.
The spokesman believed that consumer sentiment remains upbeat, on the back of the strong economic fundamentals, and would lend support to the retail business going forward.
Census and Statistics Department
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