Cosmetics purchases increase as retails sales are up in Hong Kong

By Michelle Yeomans

- Last updated on GMT

Cosmetics purchases increase as retails sales are up in Hong Kong

Related tags Hong kong Retailing

According to the Census and Statistics Department of Hong Kong, the cosmetics industry has come out on top with a 12 per cent rise in purchases compared to this time last year, beating overall growth sales for food, alcohol and various other consumer good purchases.

The latest figures from the department revealed total retail sales have risen to 20.7 per cent, the findings of which were compared and contrasted with sales figures from April 2012, and revealed cosmetics purchases to have beaten numerous consumer goods categories proving that consumers are still willing to spend on this sector despite tough economic times.

This news that the segment managed a 12 per cent growth this year on the HK markets only reiterates that consumers are less likely to cut down on cosmetics, as predicted by a market report by Ruder Finn and Ipsos China in September of last year.

That report surveyed 2,017 consumers in Greater China (of which around 300 were in Hong Kong) whereby the average annual household income among Hong Kong respondents was found to be 550,000 Hong Kong dollars (US$71,000).

Decent figures - but should not be taken as overall spending habits

Meanwhile overall growth rate provisionally estimated in April at $43.1 ($5.55) billion, was found to be higher than March's 9.8 per cent rise as well as the median 14.1 per cent forecast of five economists surveyed earlier by Dow Jones Newswires.

The revised estimate of the value of total retail sales in March 2013 increased by 9.8 per cent over the same period a year earlier, while the volume of total retail sales increased by 10.1 per cent.”

However, according to the CSD, these statistics are primarily intended to measure the sales receipts in respect of goods sold by local retail establishments, for gauging the short-term business performance of the local retail sector. They do not include residents outside of Hong Kong and should therefore not be regarded as a comprehensive indicator of overall consumer spending.

On this matter, a government spokesman added that; "retail sales performance in individual months may be volatile. We also need to remain alert to how the external uncertainties as well as local factors such as the labour market and asset market developments may affect the retail business down the road."

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