Hong Kong July retail sales plunge 23.1% y-o-y as coronavirus weighs

[HONG KONG] Hong Kong's retail sales fell 23.1 per cent in July from a year earlier, hammered by the coronavirus outbreak which has kept tourists away and pushed many retailers and restaurants to the brink of collapse.

Sales dropped to HK$26.5 billion (S$4.64 billion), government data showed on Tuesday, the 18th consecutive month of decline.

The drop compares with a revised 24.7 per cent decline in June.

In volume terms, retail sales in July fell 23.9 per cent, compared with a revised drop of 25.3 per cent in the previous month.

Sporadic anti-government protests, at a much smaller scale than demonstrations that rocked the global financial hub last year, also weighed on the retail sector, forcing some shops to close temporarily.

REUTERS