Hong Kong retail sales jump 17.2 percent in September

HONG KONG, Nov 1, 2010 AFP © - Hong Kong said Monday retail sales jumped 17.2 percent year-on-year in September on the back of strong tourist spending and rising consumer sentiment.

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Total retail sales for the month reached 25.1 billion Hong Kong dollars (3.24 billion US dollars), marking the 13th consecutive monthly rise, according to the Census and Statistics Department.

The growth was in line with August's 17.1 percent year-on-year increase. For the first nine months of the year, total retail sales rose 17.9 percent over the same period in 2009, the department said.

The gains were led by sales of consumer durable goods, such as household appliances, which rose 89.6 percent, followed by electronic equipment (up 29.9 percent), jewellery, watches, and clocks (up 25.4 percent) and footwear (up 24 percent), the agency said.

A government spokesman said improving labour conditions and strong inbound tourism numbers helped keep retail sales buoyant.

"Growth in sales of consumer durables, clothing, and jewellery was strong in particular, reflecting the sanguine consumer sentiment amid the improving job and income prospects, and also the sustained strong growth in inbound tourism," he said in the statement.

Tourist spending accounts for more than half of Hong Kong's retail sales, according to Dow Jones Newswires.