Retail sales in Hong Kong last month rose by the most in 18 months, as falling unemployment and resurging stock and property markets encouraged consumer spending.Retail sales in Hong Kong last month rose by the most in 18 months, as falling unemployment and resurging stock and property markets encouraged consumer spending.

Sales grew 11.7 percent from a year earlier to HK$22.87 billion, the government said yesterday, after rising 9.8 percent in October. Sales volume rose 9.8 percent over the same period.

Hong Kong exports, meanwhile, are likely to benefit from recovering consumer sentiment in the United States and Europe.

US retail sales climbed during Christmas week, with sales at stores open at least a year rising 2.3 percent from a year earlier, the International Council of Shopping Centers and Goldman Sachs said

With shoppers out in force this Christmas, Hong Kong's retail figures for this month are expected to remain rosy.

Cosmetics retail chain Bonjour Holdings (0653) posted a 20 percent growth in same-store sales, said executive director Alan Chan Chi-chau.

"Customers spent 10 percent more on average,"said Chan.

Sales of watches and jewelry recorded a 20 percent growth during Christmas.

Department stores may also register double-digit growth, the Hong Kong Retail Management Association forecast.

Harbour City and Times Square - two malls owned by Wharf (Holdings) (0004) - said sales improved since last month and high turnover is expected to last until the Lunar New Year.

The malls' more upmarket stores have often benefited from strong foot traffic, with many of those eager to spend their cash coming from the mainland.

Restaurants, too, did a booming business over the festive period.

Meanwhile, Hong Kong exports are set to grow by up to 9 percent this month, thanks to mild improvements in retail sales in the US and European markets, the Hong Kong Trade Development Council said.

The council forecast a 5 percent growth in exports for 2010.
POST: 2024-05-02