CHINA / Taiwan, HK, Macao |
September retails up 7.5 per cent(China Daily HK Edition)Updated: 2006-11-03 09:05 The robust economy pushed up retail sales in September by more than a healthy 7.5 per cent year on year to HK$16.9 billion. The growth that has "met market expectations" could be attributed to the "Hong Kong economy as a whole doing well," Fulbright Securities General Manager Francis Lun said yesterday. "Hong Kong's employment rate continues to improve and people are now willing to spend more because they have regained confidence in the economy," he said. Compared to the first nine months together, Hong Kong's retail sales rose by 6.8 per cent in value and 5.6 per cent in volume. Its total retail sales volume in September (after accounting for the effect of price changes) rose by 5.8 per cent year on year. South China Research Associate Director Andes Cheng said the September retail figure was a "good sign" for the economy. "Hong Kong's improved job market and buoyant real estate and stock markets, along with the pause in the US interest rate hike, have contributed to Hong Kong's retail sector." "We expect the retail sales in October to be higher than in September 2005 and October 2006 because more people from the mainland visited Hong Kong during the last golden week holiday," Cheng said. Tourism accounts for about 20 per cent of Hong Kong's retail sales. Footwear, its allied products and clothing accessories sold 12.9 per cent more in September. They were followed by motor vehicles and parts (12.7 per cent), electrical goods and photography equipment (12.4 per cent), furniture and fixtures (10.5 per cent), commodities in department stores (9.7 per cent), fuel (7.7 per cent), clothes (7.2 per cent), food, alcoholic drinks and tobacco (6.1 per cent) and miscellaneous consumer goods (6 per cent). On the other hand, the sales volume of miscellaneous consumer durables fell by 2 per cent and those of jewellery, watches and clocks and valuable gifts by 0.9 per cent. "Looking ahead, retail sales should remain strong... we expect the total retail value to peak in the fourth quarter," Cheng said. Bank of America (HK) economist Steve Wang said: "We are optimistic about the outlook and possibly looking for some pick-up towards the end of the year. The equity and the job market are doing well so they should be a support. Bank of East Asia's senior economist Paul Tang thinks the "growth in retail sales will accelerate to 8 per cent and above in the next few months". |
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