Hong Kong June retail sales fall 9.7% y/y in 'challenged' sector
While the value of total retail sales fell, the rate of decline had narrowed
HONG KONG’S June retail sales fell 9.7 per cent from a year earlier, government data showed on Thursday (Aug 1), reflecting the changing consumption patterns of visitors and residents and the strong Hong Kong dollar.
Sales decreased to HK$29.9 billion (S$5.11 billion), the fourth consecutive monthly decline, following an 11.5 per cent slump in May, 14.7 per cent drop in April and a 7 per cent fall in March.
A government spokesman said that while the value of total retail sales fell, the rate of decline had narrowed.
“The retail sector will still face challenges in the near term,” the spokesman said.
In volume terms, retail sales in June fell 11.2 per cent year-on-year, versus a 12.9 per cent decline in May, a 16.5 per cent drop in April and an 8.7 per cent fall in March.
For the first half of 2024, retail sales value fell 6.6 per cent year-on-year and volume was down 8.2 per cent from a year earlier period.
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June visitor arrivals stood at 3.132 million, up 14 per cent from a year-ago period, data from the Hong Kong Tourism Board showed. That compared with 3.398 million visitors in May.
The number of mainland Chinese visitors stood at 2.341 million in June, up 8.6 per cent year-on-year.
Sales of jewellery, watches, clocks and valuable gifts in June dropped 23.1 per cent year-on-year after a 21.4 per cent drop in May.
Sales of clothing, footwear and accessories dropped 9.1 per cent in June following a 17.9 per cent slump in May. REUTERS
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