Hong Kong's retail sales up 7.1 pct in January

HONG KONG, March 5 (Xinhua) -- Hong Kong's retail sales in January, provisionally estimated at 48.1 billion HK dollars (6.17 billion U.S. dollars), rose by 7.1 percent Year-on-Year, official data showed on Tuesday.

The revised estimate of the value of total retail sales in December 2018 edged up by 0.1 percent over a Year earlier, according to the Census and Statistics Department of the government of China's Hong Kong Special Administrative Region.

When interpreting the figures for January, it should be noted that retail sales tend to show greater volatility in the first two months of a Year due to the timing of the Lunar New Year, according to the department.

Local consumer spending normally attains a seasonal high before the festival. As the Lunar New Year fell on Feb. 5 this Year but on Feb. 16 last Year, the Year-on-Year comparison of the figures for January might have been affected by this factor to a certain extent.

The value of sales of jewelry, watches and clocks, and valuable gifts went up most by 4.7 percent in January from the same period last Year.

On the other hand, the value of sales of electrical goods and other consumer durable goods decreased by 11 percent.

A government spokesman said retail sales increased notably in January over a Year earlier, partly lifted by the earlier arrival of the Lunar New Year this Year and partly by the surge in visitor arrivals in the month.

The spokesman commented that, in the near term, the outlook for retail sales business is still subject to uncertainty.

While the full employment situation in the local labor market and the sustained expansion in inbound tourism should provide support, consumption sentiment will still be affected by the unsteady external environment, he said.