Retail sales jumped 6.3% to $37.8b in October

Find out what caused the boost.

The value of total retail sales in October, provisionally estimated at $37.8 billion, rose 6.3% year-on-year, the Census & Statistics Department announced.

After netting out the effect of price changes over the same period, the total retail sales volume grew 5.8%.

The revised estimate of the total retail sales value in September increased 5% over a year earlier, while the total retail sales volume rose 4.9%.

For the first 10 months of the year, total retail sales grew 11.9% in value and 11.3% in volume over a year earlier.

Analysed by broad type of retail outlet, the volume of sales of jewellery, watches and clocks, and valuable gifts increased 16.8% year-on-year in October. This was followed by sales of apparel (4.8%); commodities in supermarkets (5.6%); commodities in department stores (9.7%); food, alcohol and tobacco (2.3%); medicines and cosmetics (7.4%); and, motor vehicles and parts (9%).

The volume of sales of electrical goods and photographic equipment decreased by 13.8% in October compared with a year earlier. This was followed by sales of books, newspapers, stationery and gifts (-1.8% in volume), and furniture and fixtures (-10%).

The department noted that retail sales sustained solid growth in October over a year earlier, reflecting the largely stable consumer sentiment and further expansion of inbound tourism.

Looking ahead, it said the performance of the retail business in the near term should continue to receive support from the still-favourable labour market conditions and further growth of inbound tourism. However, it added the Government needs to closely monitor how external uncertainties may affect consumer sentiment and hence retail business down the road.