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Hong Kong retail sales spike 35.8 percent in February

by Staff Writers
Hong Kong (AFP) March 30, 2010
Hong Kong said Tuesday that consumer sentiment soared last month as the city's shoppers boosted retail sales by 35.8 percent over the previous year.

The city took 26.9 billion Hong Kong dollars (3.5 billion US) in retail sales in February, the Census and Statistics Department said, marking the sixth consecutive monthly rise.

Retail sales in January and February this year rose 18.8 percent over the same two months in 2009, the government said.

The agency said it was "more appropriate" to measure the two months together because the shopping-mad Lunar New Year holiday fell in January in 2009 and February this year.

The rise was led by vehicle and auto parts sales, which were up 55.2 percent, followed by consumer durables rising 46.4 percent, and electrical goods, which grew 27.9 percent.

"Retail sales picked up strongly further in February, even after netting the distortion caused by the timing of the Lunar New Year," a government spokesman said.

"The improvement in labour market conditions along with the economic recovery has reinforced consumer confidence."

He also credited the city's "robust" tourism industry for the rise, adding that "consumer sentiment should stay firm, with the economy gathering further momentum".



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