📋 Tender Overview
The Census and Statistics Department (C&SD) released the latest figures on retail sales today (January 2). The value of total retail sales in November 2024, provisionally estimated at $31.7 billion, decreased by 7.3% compared with the same month in 2023. The revised estimate of the value of total retail sales in October 2024 decreased by 2.8% compared with a year earlier. For the first 11 months of 2024 taken together, it was provisionally estimated that the value of total retail sales decreased by 7.1% compared with the same period in 2023.
Of the total retail sales value in November 2024, online sales accounted for 9.3%. The value of online retail sales in that month, provisionally estimated at $2.9 billion, decreased by 7.0% compared with the same month in 2023. The revised estimate of online retail sales in October 2024 increased by 8.4% compared with a year earlier. For the first 11 months of 2024 taken together, it was provisionally estimated that the value of online retail sales decreased by 1.2% compared with the same period in 2023.
After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in November 2024 decreased by 8.3% compared with a year earlier. The revised estimate of the volume of total retail sales in October 2024 decreased by 4.8% compared with a year earlier. For the first 11 months of 2024 taken together, the provisional estimate of the total retail sales decreased by 8.7% in volume compared with the same period in 2023.
Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing November 2024 with November 2023, the value of sales of jewellery, watches and clocks, and valuable gifts decreased by 5.4%. This was followed by sales of electrical goods and other consumer durable goods not elsewhere classified (-18.0% in value); wearing apparel (-7.5%); commodities in department stores (-12.3%); medicines and cosmetics (-2.9%); motor vehicles and parts (-34.4%); fuels (-9.9%); footwear, allied products and other clothing accessories (-1.7%); furniture and fixtures (-20.5%); books, newspapers, stationery and gifts (-6.5%); Chinese drugs and herbs (-19.3%); and optical shops (-11.8%).
On the other hand, the value of sales of commodities in supermarkets increased by 3.5% in November 2024 over a year earlier. This was followed by sales of other consumer goods not elsewhere classified (+1.4% in value); and food, alcoholic drinks and tobacco (+0.4%). Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales increased by 1.7% in the three months ending November 2024 compared with the preceding three-month period, while the provisional estimate of the volume of total retail sales increased by 1.4%.
