Hong Kong retail sales growth fades

Hong Kong’s total retail sales growth rate in May was weaker than predictions.

Total retail sales by value increased 12.8 per cent, well below the projected 21.2 per cent of five economists surveyed by Dow Jones Newswires.

The rise is also lower than April’s growth of 20.7 per cent.

Jewellery, watches and clocks and valuable gifts recorded the highest volume of sales with a 35.6 per cent rise. This was followed by sales of commodities in department stores (24.5 per cent), Chinese drugs and herbs (17.2 per cent), miscellaneous consumer durable goods (16.8 per cent), medicines and cosmetics (16.3 per cent), wearing apparel (12.8 per cent) and optical shops (9.5 per cent).

Supermarket sales increased a mere 2.2 per cent by volume.

And sales of electrical goods and furniture and fixtures decreased by 2.5 per cent and 4.8 per cent, respectively.

A government spokesperson said the local market remained vibrant overall.

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