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Hong Kong's Census and Statistics Department announced Tuesday that the value of the city's total retail sales decreased by 9.8 percent year on year to 38.8 billion U.S. dollars in April.
After netting out the effect of price changes over the same period, the volume of total retail sales decreased by 9.5 percent in April over a year earlier, the department said.
For the first four months of 2014, total retail sales increased by 0.7 percent in value over the same period a year earlier, while sales reported a 1.2-percent increase in volume year on year.
The value of sales of wearing apparel increased by 11.3 percent in April from one year earlier. This was followed by sales of commodities in supermarkets; medicines and cosmetics; food, alcoholic drinks and tobacco; other consumer goods.
On the other hand, the value of sales of jewelry, watches and clocks, and valuable gifts decreased by 39.9 percent in April compared with a year earlier. This was followed by sales of commodities in department stores, electrical goods and photographic equipment, miscellaneous consumer durable goods; fuels; and furniture and fixtures.
A government spokesman noted that the notable fall in retail sales in April was mainly due to the plunge in the sales of jewelry, watches and clocks, and valuable gifts. Apart from a high base of comparison caused by a spike in gold related sales a year earlier, the fall-off in April may also partly reflect some moderation in visitor spending after a prolonged period of brisk growth. Meanwhile, sales of many other goods that are more closely related to local consumption actually held firm, reflecting the still positive local consumer sentiment amid full employment.
The spokesman added that looking ahead, the favorable job and income conditions should provide some support to local consumer sentiment, but the near-term outlook of retail sales business will continue to be clouded by the base effects and the changing visitor spending pattern.
