Retail sales jump 12% YoY to $30.7b in October

A government spokesman attributed the increase to entrenched economic recovery.

The value of retail sales jumped 12% year-on-year (YoY) in October to an estimate of $30.7b, the latest data from the Census and Statistics Department showed.

Online sales, which rose 29.4% YoY to $2.5b, accounted for 8% of the total retail sales for the month. 

Remarkable increases in the value of total retail sales were likewise seen across the broad types of outlets led by electrical goods and other consumer durable goods which soared by 52.1% YoY.

Other outlets which had improved performance for the month were commodities in supermarkets which were up 1.3% YoY in value; jewellery, watches and clocks, and valuable gifts by 23.1%; commodities in department stores by 5.5%; other consumer goods by 15.0%; wearing apparel by 10.1%; medicines and cosmetics by 13.2%; fuels by 7.5%; furniture and fixtures by 4.1%; footwear, allied products, and other clothing accessories by 15.5%; Chinese drugs and herbs by 3.9%; and optical shops by 23.9%.

On the other hand, the value of sales of food, alcoholic drinks, and tobacco; motor vehicles and parts; and books, newspapers, stationery, and gifts declined for the month, dipping by 1.7%, 18.6%, and 3.0%, respectively. 

A government spokesperson attributed the increase in the value of total, retail sales to the “entrenched economic recovery and disbursement of the second batch of electronic consumption vouchers” 

Meanwhile, retail sales also grew in terms of volume by 9.4% YoY.