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Financial News: Hong Kong Retail Sales Fall For Tenth Month

Hong Kong Retail Sales Fall For Tenth Month In November

01/03/2020 - 06:20:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales fell for the tenth month in a row in November as violent anti-government protests continued, figures from the Census and Statistics Department showed on Friday.

The retail sales volume declined 25.4 percent year-on-year in November, following a 26.4 percent decrease in October. Economists had expected a 25.1 percent fall.

The value of retail sales decreased 23.6 percent annually in November, following a 24.4 percent fall in the preceding month.

Sales of jewelry, watches and clocks, and valuable gifts declined 43.5 percent annually in November and those of department stores, and clothing, footwear and allied products fell by 32.9 percent and 31.8 percent, respectively. Medicines and cosmetics sales dropped 33.4 percent.

Retail sales continued to fall sharply in November as the local social incidents turned extremely violent, causing very severe disruptions to tourism- and consumption-related activities and further dampening consumption sentiment, a government spokesman said.

The near-term outlook for the retail trade continues to hinge on how the local social incidents will evolve, the spokesman added.

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