Hong Kong Retail Sales Rise 1.8%

(RTTNews) - Hong Kong's retail sales value increased for the third straight month in July, preliminary data from the Census and Statistics Department showed on Monday.

The value of retail sales climbed 1.8 percent year-on-year in July, faster than the 0.7 percent rise in June.

Online sales, which accounted for 8.7 percent of the total sales value in July, surged by 13.2 percent from last year versus a 13.1 percent growth in the previous month.

Sales of jewelry, watches and clocks, and valuable gifts alone grew by 9.4 percent, and sales at department stores were 2.6 percent higher. Demand for other consumer goods climbed by 8.4 percent, while that for consumer durable goods declined by 9.1 percent.

The volume of retail sales rebounded 1.0 percent annually versus a 0.3 percent drop a month ago.

Looking ahead, local consumption sentiment should remain steady, while the government's proactive efforts in promoting tourism and mega events will also benefit retail businesses, a government spokesman said.