03.03.202108:31:00UTC+00Hong Kong Retail Sales Decline Further In January

Hong Kong's retail sales declined further in January, figures from the Census and Statistics Department showed on Tuesday.

The retail sales volume declined 14.5 percent year-on-year in January, following a 14.0 percent fall in December.

The value of retail sales decreased 13.6 percent annually in January, following a 13.3 percent decline in the preceding month.

Sales value of jewelry, watches and clocks, and valuable gifts declined 31.7 percent annually in January. Sales of clothing, footwear and allied products fell 23.4 percent and those of other consumer goods decreased 19.5 percent.

Prices for food, alcoholic drinks and tobacco and fuels fell by 16.3 percent and 11.0 percent, respectively.

"Yet the figure for January was conceivably distorted by the difference in timing of the Lunar New Year, which fell in mid-February this year but late January last year," a government spokesman said.

"If the COVID-19 Vaccination Program yields the intended results, it should help lay a firm foundation for the revival of the retail sector and a broader based recovery of the economy later in the year," spokesman said.