Information from the Statistics and Census Service (DSEC) indicated that value of retail sales for the fourth quarter of 2015 amounted to MOP 15.59 billion, down by 10.5% year-on-year and up by 6.8% compared with the revised figure of MOP 14.59 billion in the third quarter. Retail sales of Watches, Clocks & Jewellery (MOP 3.37 billion) accounted for 21.6% of the total, followed by sales of Goods in Department Stores (14.4%), Adults' Clothing (13.0%), Leather Goods (9.8%), Motor Vehicles (7.1%) and Goods in Supermarkets (6.6%). As regards the rate of change, value of retail sales of Footwear (-29.1%), Watches, Clocks & Jewellery (-22.8%), Leather Goods (-17.3%), Communication Equipment (-13.3%) and Goods in Department Stores (-11.5%) recorded notable year-on-year decline, while that of Motor Vehicles (+11.7%) and Adults' Clothing (+11.0%) showed increase. After removing the effect of price changes, volume of retail sales for the fourth quarter of 2015 rose by 8.5% quarter-to-quarter. Attributable to the sales promotion of automobile dealers prior to the vehicle tax hike, volume of retail sales of Motor Vehicles rose substantially by 38.9%. Moreover, retail sales of Communication Equipment (+23.9%), Leather Goods (+20.3%), Goods in Pharmacies (+18.7%) and Adults' Clothing (+18.1%) also registered notable growth. Volume of retail sales for the fourth quarter decreased by 7.7% year-on-year, with significant decrease in sales of Footwear (-24.5%), Watches, Clocks & Jewellery (-16.0%), Leather Goods (-11.3%) and Goods in Department Stores (-10.0%); nevertheless, sales of Adults' Clothing increased by 14.1%. Total value of retail sales for the whole year of 2015 amounted to MOP 60.89 billion, down by 10.4% year-on-year. Value of retail sales of Watches, Clocks & Jewellery (MOP 13.53 billion), Goods in Department Store (MOP 8.93 billion) and Adults' Clothing (MOP 6.91 billion) accounted for 22.2%, 14.7% and 11.3% of the total respectively. Notable decrease was observed in sales of Watches, Clocks & Jewellery (-25.0%), Leather Goods (-21.9%), Goods in Department Stores (-13.7%), Footwear (-12.4%) and Motor Vehicles (-9.1%). On the other hand, sales of Communication Equipment and Cosmetics & Sanitary Articles increased by 15.9% and 13.4% respectively. Volume of retail sales for 2015 dropped by 7.9% year-on-year, with marked decrease in sales of Watches, Clocks & Jewellery (-20.0%), Leather Goods (-18.9%), Goods in Department Stores (-13.9%) and Motor Vehicles (-9.9%). Furthermore, value of retail sales of Automotive Fuels decreased by 6.6% year-on-year due to receding gasoline prices, whereas the corresponding volume of retail sales increased by 11.7% on account of the rise in number of licensed vehicles. In respect of retailers’ comments, about 60.0% of the retailers stated that sales volume in the fourth quarter of 2015 decreased from the previous quarter, up by 3.3 percentage points compared with the corresponding figure in the third quarter; 29.0% reported stable sales volume and 11.0% stated an increase. In terms of the retail prices, about 61.1% reported stable prices, 34.3% noted a decrease and 4.6% stated an increase. Moreover, about 68.8% of the retailers expressed that the stock level remained stable compared with the fourth quarter of 2014, while 21.6% indicated that the stock level decreased. As regards business outlook for the first quarter of 2016, 48.0% of the retailers anticipate that sales volume will decrease from the fourth quarter of 2015, 39.4% expect sales volume to remain stable, while 12.6% predict an increase. Concurrently, 70.9% anticipate stable retail prices, 21.4% expect a decrease, while 7.7% predict an increase.