Retail Sales Index – January 2022

April 5, 2022

Retail sales grew by 11.8% in January 2022 on a year-on-year basis, compared to the 6.7% increase in December 2021. Excluding motor vehicles, retail sales rose 15.8%, compared to the 8.6% growth in December 2021. The improvement in retail sales performance in January 2022 was mainly attributed to increased spending prior to Chinese New Year (CNY) which was in early February in 2022, while pre-CNY spending in 2021 was mainly in February as CNY was in mid-February last year. On a seasonally adjusted basis, retail sales fell 2.5% in January 2022 over the previous month. Excluding motor vehicles, seasonally adjusted retail sales declined 2.1% compared to December 2021.


The estimated total retail sales value in January 2022 was $4.2 billion. Of this, online retail sales made up an estimated 12.9%, lower than the 14.4% recorded in December 2021 when there were major online shopping events such as 12.12 sales. Excluding motor vehicles, the total retail sales value was about $3.7 billion, where online retail sales made up 14.7%. Online retail sales of the Computer & Telecommunications Equipment, Furniture & Household Equipment and Supermarkets & Hypermarkets industries made up 51.6%, 28.5% and 12.9% of the total sales of their respective industry


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