Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Hong Kong retail sales rise 2.9% as pandemic threat eases

Economic IndicatorsAug 31, 2021 05:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: People cross a street in a shopping area of the Central business district in Hong Kong, China August 22, 2019. Picture taken August 22, 2019. REUTERS/Thomas Peter

HONG KONG (Reuters) - Hong Kong's retail sales climbed for the sixth straight month in July, helped by a stabilising COVID-19 situation and an improved labour market along with an economic recovery.

Retail sales in July rose 2.9% from a year earlier to HK$27.2 billion ($3.50 billion), government data showed on Tuesday. July's increase compared with 5.8% growth in June.

"The electronic consumption vouchers that the government began to disburse in August have helped stimulate consumption sentiment and will render support to the retail business in the rest of the year," a government spokesman said, referring to electronic vouchers given to certain consumers to spend in retail stores.

In volume terms, retail sales in July grew 0.9% from a year earlier, compared with a revised 2.9% surge the previous month.

For the first seven months of 2021, total retail sales increased 7.6% in value terms and rose 6.2% in volume.

Online retail sales in July jumped 29.0% in value year-on-year, compared with a revised growth of 64.0% in June.

Sales of jewellery, watches, clocks and valuable gifts, which before the pandemic relied heavily on Chinese tourists from the mainland, climbed 27.1% in July versus a revised 31.9% surge in June, the data showed.

Clothing, footwear and allied products rose 30.6% in July.

Tourist arrivals in July plunged 57.9% from a year earlier to 8,666 after posting a 57.6% drop in June.

"It is essential for the community to keep the epidemic under control and strive towards more widespread vaccination, so as to strengthen the foundation for continued recovery of the retail sector and the overall economy," the spokesman added.

Hong Kong's economy grew a revised 7.6% in the second quarter from a COVID-induced slump a year earlier and the government upgraded its growth forecast for 2021 to 5.5%-6.5% from 3.5%-5.5%.

Seasonally adjusted unemployment slipped to 5% in the May-July quarter, the lowest since the January-March period in 2020, as private consumption expenditure improved. That was compared with 5.5% in the April-June period.

($1 = 7.7817 Hong Kong dollars)

Hong Kong retail sales rise 2.9% as pandemic threat eases
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email