Following the release of the 2014/15-based Composite Consumer Price Index in April 2016, the Census and Statistics Department is going to rebase the series of value and volume indices of retail sales and restaurant receipts in accordance with the established practice of the Department in past rounds and also in line with international practices.  Moreover, opportunity is taken to introduce an enhanced technical feature in the current rebasing exercise, viz. to adopt the chain-linking method in compiling the volume index series to replace the fixed base Laspeyres method used previously.  The chain-linking approach is stipulated in the International Recommendations for Distributive Trade Statistics 2008 and the System of National Accounts 2008 adopted by the United Nations Statistics Division, and used in many economies in compiling series of volume measures.
 
The series of value and volume indices of retail sales and restaurant receipts have been re-referenced, taking October 2014 to September 2015 as the new reference period and adopting the relevant components of the 2014/15-based Composite Consumer Price Index as deflators for compiling the volume indices of retail sales and restaurant receipts.  It should be noted that while the year-on-year rates of change in the volume indices of retail sales and restaurant receipts have been changed in the re-referenced series relative to those with October 2009 to September 2010 as the base period, the corresponding year-on-year rates of change in the value indices of retail sales and restaurant receipts are not affected.
 
A comparison of the volume indices compiled using the 2009/10 fixed base approach (i.e. the index series being published before the current re-referencing) and the chain-linking approach is provided in the following tables:
 
  1. Retail sales
Year Month Year-on-year rate of change in the volume index of retail sales (%)
Fixed base approach
(2009/10-based)*
Chain-linking approach
(2014/15 as reference period)@
2006 +5.7 +5.6
2007 +10.1 +9.9
2008 +5.0 +4.7
2009 -0.8 -1.0
2010 +15.5 +14.8
2011 +18.4 +18.4
2012 +7.2 +6.8
2013 +10.6 +11.0
2014 +0.6 -0.2
2015 -0.3 -1.5
2016 Jan -5.2 -3.6
Feb -19.5 -18.5
Mar -8.8 -7.8
Apr -7.7 -6.2
May -8.8 -7.3
Jun -9.6 -7.9
Jul -8.4 -7.0
Aug# -12.7 -10.9
* These are the year-on-year rates of change in volume index series being published before the current re-referencing.
@ Chain-linked volume indices are compiled as from October 2004 and the year-on-year rates of change start to be available from October 2005.
# Provisional figures.

  
 
  1. Restaurant receipts
Year Month Year-on-year rate of change in volume index of restaurant receipts (%)
Fixed base approach
(2009/10-based)*
Chain-linking approach
(2014/15 as reference period)@
2006 +8.2 +8.2
2007 +10.6 +10.6
2008 +6.8 +6.8
2009 -0.9 -0.9
2010 +3.4 +3.4
2011 +1.0 +1.0
2012 -0.4 -0.4
2013 -0.8 -0.8
2014 -1.0 -0.9
2015 -0.4 -0.4
2016 Jan +0.4 +0.5
Feb -2.0 -2.0
Mar -3.1 -3.0
Apr -0.9 -0.8
May -1.3 -1.2
Jun +1.3 +1.3
* These are the year-on-year rates of change in volume index series being published before the current re-referencing.
@ Chain-linked volume indices are compiled as from October 2004 and the year-on-year rates of change start to be available from October 2005.


The entire re-referenced series of value and volume indices of retail sales and restaurant receipts for the reference period of August 2016 / second quarter of 2016 and before (back to October 2004 / fourth quarter of 2004 respectively) can be downloaded at the following links:

Retail sales
 

Restaurant receipts
 


As from the reference period of September 2016 / third quarter of 2016, the published value and volume indices of retail sales and restaurant receipts and their year-on-year rates of change will be compiled based on the re-referenced series.
 

Source : Distribution Services Statistics Section,
Census and Statistics Department 
(Enquiry telephone no. : 3903 7400
 Enquiry e-mail : mrs@censtatd.gov.hk)