Census and Statistics Department (C&SD) released the latest figures on retail sales for December rose 6.9 percent in value over a year earlier, to reach an estimated $19.3 billion, the Census & Statistics Department says. After netting out the effect of price changes over the same period, the volume of total retail sales increased 5.8 percent from a year earlier.
The department said the overall retail sales volume showed a faster year-on-year increase in December, indicating that consumer sentiment was fairly strong during the festive season.
Notwithstanding the higher interest rates, consumption spending should continue to fare well on the back of the optimistic economic and employment outlook, the increase in labour income, and inbound tourism's continuous expansion, the department added.
Demand rises for miscellaneous consumer goods
In December, the volume of sales of miscellaneous consumer goods increased most, by 10.6 percent.
This was followed by sales of footwear, allied products and other clothing accessories (+10.4 percent in volume); wearing apparel (+10.3 percent); department store commodities (+10 percent); fuels (+9 percent).
The volume of total retail sales increased 1.8 percent in the fourth quarter compared with the preceding quarter.
Retail sales up 6.8 percent in 2005
For 2005 as a whole, retail sales rose 6.8 percent in value or 5.9 percent in volume. Comparing 2005 with 2004, sales of electrical goods and photographic equipment rose 13.1 percent in volume.
This was followed by sales of wearing apparel (+8.3 percent in volume); miscellaneous consumer goods (+7.5 percent); department stores commodities (+7.4 percent); footwear, allied products and other clothing accessories (+6.3 percent); supermarket commodities (+5.9 percent); miscellaneous consumer durable goods (+2.4 percent); jewellery, watches and clocks, and valuable gifts (+2.3 percent).
Census and Statistics Department (C&SD)