More observations for the coming months are needed to ascertain if the moderation in May would continue. For the first five months of 2006 as a whole, the volume of retail sales still recorded a solid increase of 4.7 percent over the same period a year earlier.
At present, consumer sentiment appears to remain upbeat, despite the higher interest rates and the recent correction of the stock market. The continued economic upturn and distinct growth in inbound tourism should render support to local retail business in the period ahead.
Census and Statistics Department, Hong Kong
marketing@alchempro.com
