Financial News: Hong Kong Retail Sales Decline Deepens In February

Hong Kong Retail Sales Decline Deepens In February

(RTTNews) - Hong Kong's retail sales value declined at the fastest pace in ten months in February, preliminary data from the Census and Statistics Department showed on Monday.

The value of retail sales plunged 13.0 percent year-on-year in February, much faster than the 3.1 percent drop in January. Sales have been falling since March 2024.

Online sales, which accounted for 7.8 percent of the total sales value in February, decreased by 7.3 percent from last year versus a 2.8 percent decline in the previous month.

Sales at department stores showed a sharp decline of 21.3 percent compared to last year, and those at supermarkets slid by 13.7 percent.

Sales of consumer durable goods decreased 16.4 percent, and those of clothing, footwear, and allied products plunged by 14.7 percent.

"The various measures by the Central Government to boost the Mainland economy and benefit Hong Kong, the SAR Government's proactive efforts to promote tourism and mega events, and the sustained increases in employment earnings in the local labor market would benefit the retail sector, though it would continue to face challenges from the change in consumption patterns of visitors and residents," a government spokesman said.

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