| Hong Kong Recorded 18.7% Jump in Retail Sales in April 2008 |
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| Thursday, 14 August 2008 | |
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Retail sales in Hong Kong reached $2.9 Billion April this year, up by 18.7% over 2007, says the Hong Kong Census and Statistics Department. The Hong Kong Census and Statistics Department revealed that the retail sales in Hong Kong reached around $2.9 Billion in April 2008, an increase of about 18.7% from 2007, according to news reported by ChinaDaily. According to the Statistics Department, after adjusting the effect of price changes during the period, the volume of retail sales increased by 11.6%. Also, the total retail sales from January to April 2008 grew by about 17.8% (in value terms). Increasing employment and personal disposable income in Hong Kong are considered as the main reasons for growth in the retail sales of the country. Also, due to good financial conditions, consumers are spending more on quality products and services and thus, are adding to the overall growth of retail sales in the country. Moreover, the availability of cheap raw material, good international relations and strong political support is leading to rise in export of retail goods and thus, rise in retail sales. Also, healthy business relations with other countries are attracting more tourists to the country, thereby increasing the demand for various retail goods like clothes, accessories and electronic goods, fuelling retail sales in Hong Kong. A senior economist, Irina Fan, at Hang Seng Bank, said that the rising fuel and food prices are hampering the growth of retail sales in the country and can also pull back the volume retail sales, resulting in a single digit only for the year 2008 in the Hong Kong retail industry, as reported in the news by TheStandard. A RNCOS Research Analyst said, “Favorable business conditions in the Hong Kong retail sector are leading to a strong growth in the retail sales in the country. The growth in retail sector of Hong Kong is providing growth opportunities not only to the domestic players but also to the foreign players. Also, the retail industry can grow in future by avoiding rise in consumer sentiments and inflation rates.” Related Market Research Reports: Booming Retail Sector in India Opportunities in Asian C-store Market South African Retail Industry Forecast (2007-2011)
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