Hong Kong September retail sales fall 6.9%
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HONG Kong’s September retail sales fell 6.9 per cent from a year earlier, reflecting the continued impact of a change in consumption patterns, government data showed on Friday (Nov 1).
Sales fell to HK$29.6 billion (S$5 billion) in a seventh consecutive month of decline after a revised 10 per cent decline in August, a 11.7 per cent fall in July, a 9.7 per cent fall in June, a 11.5 per cent drop in May, a 14.7 per cent drop in April and a 7 per cent decline in March.
“The near-term performance of the retail sector would continue to be affected by the change in consumption patterns of residents and visitors,” a government spokesman said, adding China’s stimulus measures, among others, would support spending.
In volume terms, retail sales fell 8.7 per cent year on year in September, compared with a revised 11.7 per cent drop in August, a 13.2 per cent decline in July, a 11.2 per cent fall in June, a 12.9 per cent drop in May, a 16.5 per cent plunge in April and a 8.7 per cent decrease in March.
For the first nine months of 2024, total retail sales decreased 7.6 per cent compared with the same period in 2023, while the volume of total retail sales fell 9.2 per cent, according to provisional estimates.
September visitor arrivals stood at 3.06 million, up 10.5 per cent from a year ago period, data from the Hong Kong Tourism Board showed. That compared with 4.45 million in August and 3.92 million in July.
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The number of mainland Chinese visitors stood at 2.29 million in September, up 6.1 per cent from the same period in 2023. That compared to August’s 3.66 million and July’s 3.14 million.
Sales of jewellery, watches, clocks and valuable gifts fell 17.9 per cent in September on year after a 24.4 per cent decline in August.
Sales of clothing, footwear and allied products dropped 8 per cent in September after a 12.6 per cent decline in August. REUTERS
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