Jinwu Financial News | Goldman Sachs Research reports that retail sales value in Hong Kong fell 0.6% after seasonal menstrual adjustments in November, while retail volume increased 0.3%. Among the main categories, sales of “jewelry, watches and luxury gifts” increased the most, while sales of durable consumer goods declined the most. On a year-on-year basis, sales value dropped sharply, reaching 73%. Compared with -2.8% in October, the decline increased significantly.
In terms of retail sales value, the year-on-year decline was 73% in November, and the month-on-month increase after seasonal adjustments by Goldman Sachs was -0.6%, and +1.4% in October. Sales value growth varied across categories. Sales of “jewelry, watches and luxury gifts” increased the most on a monthly non-annualized basis, at +13.0%, while sales of durable consumer goods fell the most on a month-to-month basis, reaching -24.4% (November compared to October). In terms of retail sales volume, the year-on-year decrease in November was 8.3% (compared to -4.8% after the October revision), and after seasonal adjustments, there was a month-on-month non-annualized increase of 0.3% (+0.9% in November compared to October). On the seasonally adjusted index (December 2018 = 100), retail sales varied across categories. Sales of department stores and “jewellery, watches and precious gifts” were more than 40% lower than 2018 levels, while sales of other consumer goods (such as medical supplies, etc.) were 14% lower than 2018 levels.
