Hong Kong retail sales climbed more-than-expected in October amid faster increase in visitor arrivals and continued income growth, figures from the Census and Statistics Department showed Friday.
The retail sales value grew 5.9 percent year-on-year in October after rising 2.4 percent in the previous month. Economists had forecast a growth of 3.6 percent.
The retail sales volume climbed 5.2 percent year-on-year following a 1.4 percent increase in September. The index was expected to rise to 2.8 percent.
Retail sales growth acceleration in October was primarily led by the faster increase in visitor arrivals and continued income growth, a government spokesman said.
Strong inbound tourism and favourable job and income conditions are likely to continue to support the retail sector in the near term, the spokesman said, adding that external uncertainties and weaker asset markets could increasingly affect consumer sentiment.
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