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Hong Kong retail sales up 12.9% YOY in May

Hong Kong's retail sales by value grew 12.9% year over year to HK$40.5 billion in May as local consumer sentiment in the city remained positive and inbound tourism continued to increase, according to Hong Kong's Census and Statistics Department.

The growth was just slightly ahead of the 12.3% year-over-year increase in retail sales value confirmed for April.

The jewelry, watches and clocks, and valuable gifts category led the rise during the month with a 23.8% year-over-year increase in sales value. That was followed by growth of 18.7% for medicines and cosmetics; 17.5% for fuels; 16.7% for department store commodities; and 13.9% for optical shops.

In other product categories, sales value of electrical goods and other consumer durable goods in May also soared 12.8% compared with the same period a year earlier, while the footwear, allied products and other clothing accessories category also rose 11.9%.

Meanwhile, apparel sales by value grew 6.7% compared with the same month a year ago, while food, alcoholic drinks and tobacco saw an increase in sales value of 5.9%.

During the month, sales value edged up 2.8% year over year for supermarket commodities; 2.3% for motor vehicles and parts; 2.5% for books, newspapers, stationery and gifts; and 4.8% for furniture and fixtures.

In volume terms, May retail sales increased 11.6% year over year, against the 11.1% growth recorded in April.