- 27 -
Retail sales provisional figures for December and 1994 released
The value of total retail sales in December 1994, estimated at $19.6 billion, increased by 11% when compared with December 1993.
After discounting the effect of price changes over the period, total retail sales rose by 4% in volume in December 1994 over a year earlier.
For 1994 as a whole, total retail sales rose by 12% in value and 6% in volume when compared with a year ago. The corresponding increases in 1993 were 13% and 7% respectively, indicating continued growth in consumer spending in 1994.
The above are some of the provisional statistics on retail sales released today (Friday) by the Census and Statistics Department.
The increase of total retail sales in December 1994 was mainly attributable to the notable growth in spending on clothing and footwear, and on consumer durable goods (other than motor vehicles). Sales of these two items increased by 20% and 18% respectively in value. Their respective increases in volume terms were 9% and 15%.
Sales of jewellery, watches and clocks and valuable gifts also increased considerably, by 15% in value and 13% in volume.
Sales in supermarkets rose moderately by 11% in value and 3% in
volume.
Meanwhile, sales in department stores increased by 8% in value, but dropped by 1% in volume. Sales of food, alcoholic drinks and tobacco showed no growth in value but a 6% decrease in volume.
Sales of motor vehicles and fuels both decreased by 1% in value. In volume terms, the decreases were 10% and 8% respectively.