Hong Kong’s retail sales likely to have expanded in December

Hong Kong’s December retail sales are likely to have grown in December. According to a DBS Bank research report, retail sales, in terms of value, are expected to have expanded 7 percent. In terms of volume, it is likely to have grown 6.5 percent.

Local consumption confidence was underpinned by the ever-so-low jobless rate of 2.9 percent, which is the lowest in two decades. Spending by the lower-income bracket was supported by a surge in wages. The lower-skilled segment wages grew 3.7 percent, outpacing the payroll growth of the overall economy in the third quarter.

This, along with a buoyant equity market and the rebound in inbound tourism, is expected to raise the retail sales figure further in the coming months, stated DBS Bank.

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