Financial News: Hong Kong Retail Sales Decline Eases

Hong Kong Retail Sales Decline Eases

(RTTNews) - Hong Kong's retail sales value declined for the eleventh successive month in January, though at a slower pace than in the previous two months, preliminary data from the Census and Statistics Department showed on Monday.

The value of retail sales fell 3.2 percent year-on-year in January, following a 9.6 percent slump in December. Sales have been falling since March.

Meanwhile, online sales, which accounted for 6.9 percent of the total sales value in January, rebounded by 3.5 percent from last year versus a 17.8 percent decline in the previous month.

Sales at department stores showed a sharp decline of 23.4 percent compared to last year, while those at supermarkets slid by 3.1 percent.

Sales of jewelry, watches and clocks, and valuable gifts decreased 14.5 percent, and those of food, alcoholic drinks, and tobacco, other than supermarkets, dropped only by 0.6 percent.

"Looking ahead, the spokesman said that the near-term performance of the retail sector would continue to be affected by the change in consumption patterns of visitors and residents,"

"Nevertheless, the Central Government's roll-out of various measures to boost the Mainland economy and benefit Hong Kong, coupled with the Special Administrative Region Government's proactive efforts to promote tourism development and boost local sentiment, as well as increasing employment earnings, would benefit the sector."

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