HK retail sales value up 9.5% in Nov

Hong Kong's total retail sales value in November 2012 rose 9.5 percent over a year earlier, the city's Census & Statistics Department announced Thursday. The retail sales value was provisionally estimated at 36.5 billion HK dollars (about 4.71 billion U.S.dollars). After netting out the effect of price changes over the same period, the total retail sales increased 8.1 percent in November over a year earlier, read the figure. For the first eleven months of 2012, total retail sales increased 9.9 percent in value and 7.1 percent in volume year on year. Analyzed by broad type of retail outlet and comparing November 2012 with November 2011, the sales volume of miscellaneous consumer durable goods increased the most, by 40.5 percent. The sales volume of furniture and fixtures fell the most, by 10.2 percent in November over a year earlier. The department said retail sales picked up to show faster year- on-year growth in November, largely thanks to a broadly stable labor market and a surge in visitor arrivals during that month. Looking ahead, the vibrant inbound tourism and still largely stable job and income conditions should remain supportive for retail business in the near term. However, the department expressed the need to stay alert to the unsteady external environment, which may affect the local economy and consumer sentiments in the future.