Hong Kong May retail sales fall 4.1 pct yr/yr

Thu Jul 3, 2014 4:45am EDT

July 3 (Reuters) - May retail sales data 
(percent change from a year earlier):
    
             _____________ 2014_____________  ____2013_____
             May    Apr    Mar    Feb    Jan    Dec    Nov    
 Value:     -4.1   -9.9^  -1.5   -2.2   14.4    5.7    8.5    
 Volume:    -4.7   -9.6^  -2.5   -2.1   -2.3   16.7    6.1    
    
 ^ Revised

    CONTEXT:
    -- In the three months through May, the volume of sales was
down by 8.9 percent, seasonally adjusted, from the preceding
three months.
    -- For a breakdown of May retail sales click on 
 
    
    COMMENTARY:
    A government spokesman said the retail sales recorded
another, albeit narrower, year-on-year decline in May, mainly
dragged down by a notable fall in the sales of jewellery,
watches and clocks, and valuable gifts, conceivably indicating
lower tourist spending on some major big-ticket items against a
still high base of comparison in May last year. Yet, sales of
many other goods that are more closely related to local
consumption continued to grow from a year earlier, reflecting
the still positive local consumer sentiment amid full
employment.
     The spokesman added that looking ahead, the still
favourable job and income conditions should provide some support
to local consumer sentiment, but the near-term outlook of retail
sales business will continue to be clouded by the base effects
and changing visitor spending patterns. 

    LINK:
    -- To view the full details of retail sales data, see the 
Hong Kong government website at: bit.ly/VgCAID
    
    

 (Reporting by Twinnie Siu in HONG KONG; Editing by Jacqueline
Wong)