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HongKongTradeDevelopmentCouncial(HKTDC)PrincipalEconomist(GlobalResearch)DanielPoonreportsfindingsaboutthisyear'sholidaysalesonthepressconferenceofHKTDC.
Holiday sales were up in both traditional and emerging markets around the world at the end of 2013, according to the Hong Kong Trade Development Council( HKTDC), which released its findings on Dec 31, 2013.
Economic recovery of western countries and steady growth in emerging markets, especially the Chinese mainland, will bring out a more favorable outlook of holiday retail sales for 2014, according to the HKTDC.
Prudence will remain the buzzword among customers, although main countries in traditional markets are under the backdrop of economic recovery such as the U.S, said Daniel Poon, the HKTDC Principal Economist.
Holiday sales in the United States would be up by three percent to four percent in view of stronger economy, cvby the HKTDC. Shoppers and retailers remain tactical, concerning prices and value.
Christmas sales in the European Union improved slightly after declining trends over past five years.Germany and the UK were bright spots as a result of better economy performances, while sales in France and Italy were less outstanding.
Growth in Christmas sales are recoded in emerging markets, such as the Chinese mainland, Latin America and the Middle East.
Overall, consumer electronics were the most popular purchases, with good growth in the sales of jewellery and other luxury products as well. Shopping via websites and mobile devices increased.
Hong Kong exporters should continue to make inroads into emerging markets, Mr. Poon said, the Chinese mainland should open up new dimensions for Hong Kong companies in coming year.
Retail sales in Chinese mainland surged by 13.7% in November, which refects the positive consumption vibe amid the stable economy. Meanwhile, government’s move to stimulate consumption, growing popularity of Christmas and increasing Christmas promotions bring out good prospects for 2014.
Appreciation of the RMB may bring about negative influences on labor-intensive products of Hong Kong in 2014, influences on luxury items such as jewellery which are priced according to US dollars are slight.
Mr Poon said, intense relation between China and Japan after Abe’s shrine visit will bring negative impact on Hong Kong, which is the main transit port in Sino-Japanese trade.
Traditional markets should also be the focus of Hong Kong exporters in 2014, said Mr. Poon. The interest rate is likely to stay low, he added, although the U.S government is trimming QE. Low interest in the U.S. and loose monetary conditions in recovering Europe will promote customers’ willingness of shopping.
