Hong Kong scales up in retail for December 2007

According to Xinhua Financial News, Hong Kong has witnessed an increase in its retail sales for the month of December 2007. Figures indicate that the retail sales for the month increased by 16.8% amounting to HK$25.1 billion ($3.21 bn), they were up by 12.4% in volume on Y-O-Y basis. The sale of luxury products like jewellery, watches and clocks rose 15.4% in volume.

The average yearly rise in retail was however lesser as compared to the month of December 2007. The rise culminated to 12.8% by value and 10.1% by volume. A government spokesman mentioned that the retail sales growth would continue to be supported by low unemployment, the tourism boom and strong consumer confidence.