The value of total retail sales in January, provisionally estimated at $36.5 billion, rose 0.9% compared with the same month in 2023.

After netting out the effect of price changes over the same period, the provisional estimate represents a 1.2% year-on-year decrease.

Of the total retail sales value in January, online sales accounted for 6.5%. Provisionally estimated at $2.4 billion, the value of this segment went down by 20.9% compared with a year earlier.

Noting that retail sales tend to show greater volatility in the first two months of a year due to the timing of the Lunar New Year, the department said the year-on-year comparison of the figures might have been affected to a certain extent.

The value of sales of jewellery, watches and clocks, and valuable gifts increased 25.2% compared with January 2023.

Increases were also recorded in the sales of other consumer goods not elsewhere classified (up 7.4% in value); wearing apparel (up 5.2%); medicines and cosmetics (up 25.2%); motor vehicles and parts (up 23.7%); furniture and fixtures (up 20.5%); books, newspapers, stationery and gifts (up 27.8%); and optical shops (up 0.7%).

By contrast, the value of sales of commodities in supermarkets decreased 9.3% over a year earlier.

Sales also declined in food, alcoholic drinks and tobacco (down 8%); electrical goods and other consumer durable goods not elsewhere classified (down 26.2%); commodities in department stores (down 9.2%); fuels (down 14.5%); footwear, allied products and other clothing accessories (down 8.2%); and Chinese drugs and herbs (down 20.1%).